If you requested a payment disbursement from your IRA, pension plan, employer profit-sharing plan, annuity account or retirement account, the Internal Revenue Service will require the payer to send a completed Form 1099-R to your mailing address on file and to the IRS by the end of January of each year. If you believe the information provided on Form 1099-R to be incorrect, it may be in your best interest to obtain a corrected form to avoid undue tax liabilities or other problems associated with filing your tax return.
Examine the information provided on Form 1099-R and determine what information on the form is incorrect.
Obtain any financial statements needed to substantiate the errors. Supporting documents may include IRA fair market value statements, required minimum distribution notices and other year-end statements supplied to you from the account custodian.
Contact the employer or payer, using the contact information listed on the top left-hand corner of the form.
Explain the errors on the form to the employer or payer and ask that a corrected form be sent to your mailing address. Provide any supporting documentation to the employer or payer to substantiate your claim, if needed.
Call the Internal Revenue Service at 1-800-829-1040 if the issuer of the 1099-R fails to provide a corrected form by February 14. Provide the IRS with any identifying or account information needed to process the request; the IRS will contact the employer or payee and compel the issuer to submit the corrected form.
Fill out IRS Form 4852 and supply the form in place of the 1099-R when preparing your tax return. The 4852 form will allow you to calculate the correct 1099-R information if the issuer failed to provide the corrected 1099-R in a timely manner.
Obtain and file IRS Form 1040X to amend your tax return, if the information provided on the previously filed Form 4852 is later deemed inaccurate.