Federal tax information

Dec 12, 2019

NHRS is providing this general information as a courtesy to our retirees. If you have additional tax questions, you should consult with the IRS or your tax advisor. The retirement system cannot provide advice regarding federal income tax issues.

IRS 1099-R Forms Available in Late January: Retirees and beneficiaries will receive their 2019 Internal Revenue Service (IRS) Form 1099-R via U.S. Mail in late January. In addition, electronic copies of Form 1099-R will be available to view and print on My Account, the retirement system’s online portal. 

A Form 1099-R is an IRS form which reports a taxpayer's distributions from pensions, annuities, IRAs, insurance contracts, profit-sharing plans and/or retirement plans. Form 1099-R reports the gross distribution, any taxable amount applicable to that gross distribution, and any portion of federal income that was withheld, as well as other tax information.

NHRS will post a notice on www.nhrs.org when 1099-Rs are mailed. NHRS mails the 1099-R to the current address on file.

Retirees and beneficiaries who would like to access their Form 1099-R electronically can sign up for My Account at: www.nhrs.org/my-accountMy Account provides retirees with access to personal data such as account balances, beneficiary designations, year-to-date retirement benefit summaries, deductions, direct deposit status, and federal withholding information. (Note: NHRS uses a two-step process for setting up a new My Account, so retirees who want to create an account in order to download their 1099-Rs should initiate the account setup process now.)

Special note on insurance premiums: As a result of IRS reporting requirements tied to the Affordable Care Act that took effect for the 2014 tax year, NHRS receives a number of tax-related inquiries from retirees looking for the amount of insurance premiums withheld from their pension benefits. This information is not reported on IRS Form 1099-R.

NHRS advises retirees to contact their former employer or third party administrator (TPA) (i.e., HealthTrust, SchoolCare, etc.) to confirm the amount paid for health insurance for 2019. The amount shown on NHRS earnings statements available online may not be accurate if there were any premium adjustments made directly between the retiree and the former employer or TPA during the year.