IRA distributions:

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Chare1958
Chare1958 Member Posts: 1 Newcomer

When reporting my IRA deductions for fed/state with holding, who is considered the payer and where do I find the ID? I had my 401K rolled over to an IRA at my credit union and paid my car off and paid off bills, having the C.U. take w/h taxes before I received the money. But is the credit union and their address the payer?

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  • KristineS
    KristineS FreeTaxUSA Agent Posts: 109
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    Hi Chare1958, great question.

    Once the IRA moved to your credit union, they became the new custodian.

    Any distributions you take out after that, such as to pay your car off, etc., the credit union will issue the 1099-R form. They are the payer with an EIN or TIN. They will report any withholding to the IRS, and state if required. All this information is captured on the 1099-R form.

    The credit union's ID will be in the Payer's TIN box. The name and address in the box on the top left hand corner of the form.