The IRS has released its 2024 instructions for form 1099-R and 5498. The revised instructions incorporate a variety of changes, including the following.
- The age for required minimum distributions (RMDs) has raised to 73 for tax year 2024 and the automatic rollover amount has increased from $5,000 to $7,000.. Thie is incorporated in the instructions.
- Direction is provided on how to report employer contributions to Roth SEP and Roth SIMPLE IRAs. These contributions will be reported on the 1099-R, and use of box 7 distribution codes 2, and G have additional instructions directing their use for such contributions.
- Direction on reporting payments from annuities for worker’s compensation are provided, using distribution code 3 for these payments.
- Additional direction on tax relief for victims of domestic abuse and for disaster relief are provided.
To review the forms’ instructions, click here.
