DO I NEED TO PAY TAXES ON 1099-R?

Yes, in most cases, you do need to pay taxes on income reported on a 1099-R. This form is issued for distributions from retirement plans, pensions, annuities, IRAs, or insurance contracts. The taxable amount depends on the type of retirement account and whether your contributions were pre-tax or after-tax.

Some 1099-R distributions may be partially taxable or fully exempt, such as certain Roth IRA distributions or qualified rollovers. It’s important to review Box 2a (Taxable Amount) on the form and consult a tax professional to determine your specific tax obligations.