1099-R Information

1099-Rs are used to report distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, Insurance, contracts, etc. We do not currently have the option to extract these entries in Pak Accounting, but they may be created in the system via Payee Maintenance.

1099-R Process

1. Manually enter the 1099 Retirement information directly into 1099-R Payee Maintenance.
   1. Click Add - and enter the necessary information.
   2. Click Save and click Add to enter the next record.
2. View the Payee Listing and/or print or save it to a file. If necessary, create the TIN Matching file to upload to the IRS. See TIN Matching for further details.
   1. Click on the Extract for the TIN Matching button.
   2. View and/or Print to generate the report Error Listing, check for any errors and file location.
3. Print the 1099-Rs on plain paper or pre-printed forms.
   1. If the option to print to plain paper is selected, select options to print Copy B and/or C. Make any unnecessary adjustments with the Printer Offsets. Negative numbers will move up or to the left. Positive numbers will move the information down or to the right.
      NOTE: When the Mask SSN box is checked, the tax IDs will not be completely printed on the plain paper forms.
4. Print Form 1096-R (if filing by mail)
   1. If this is the final return (the last return that will be submitted for the company), check the corresponding box.
   2. Print the 1096 for the IRS on a pre-printed form (required).
   3. Print an office copy of the 1096 on plain paper or save it to a file.
5. Export 1099-R Transmittal (if filing electronically)
   1. Check the corresponding box if the created file will be a test file to be uploaded to the IRS FIRE System.
   2. Click the OK button at the bottom of the screen to create the file. Take note of the file destination.
   3. Click on the View Log button to view a summary of the export and its totals. Print or save to file.

The PakEnergy Accounting Forms department can help you with anything you need. Contact our Forms Department today!

The Error Listing, Print Form 1099-R, Print Form 1096-R, and the Export 1099-R Transmittal are all similar to the 1099-MISC.