Do not use the figure in Box 5, which, for our retirees, is not related to insurance. If you itemize deductions, then this figure can be used for Schedule A. We provide this information as a service to you, to assist you in preparing your taxes we have not provided this information to the IRS. Included in this total are your health care premiums only your life insurance premiums, if any, are not included. (Insurance): If any amount was withheld for your group insurance in 2022, the total will be listed next to “Insurance” in the box in the lower left corner of your 1099-R. (Whereas Box 5 represents the amount you may exclude for calendar year 2022, Box 9b shows the remaining amount that you may exclude over the coming years.) Box 9b: The amount in Box 9b, if any, represents the remaining total after-tax contributions that you will be allowed to exclude over your lifetime.Boxes 8 and 9a: Not applicable for MTRS retirees.7 : Identifies payments to retirees over the age of 59-1/2.4 : Identifies payments received by a survivor, beneficiary or estate of a deceased member or retiree.2 : Applies to certain distributions including regular retirement benefits paid to retirees under the age of 59-1/2.The codes are also described on the back of your 1099-R Form. Box 7, Distribution code: This IRS code identifies the type of distribution you received from the MTRS.Box 6: Not applicable for MTRS retirees. When you begin receiving your benefit, you may “exclude” that after-tax money from your taxable amount over a period of years. If there is an amount in Box 5, it means that, when you began to receive your MTRS benefit, you had “after-tax” money in your MTRS account-money that you had already paid taxes on. It is equal to the difference between your taxable amount (in Box 2a) and the total Gross Distribution (in Box 1). Box 5 actually represents the portion of your after-tax contributions to the MTRS that you are entitled to exclude from your Gross Distribution (in Box 1) for calendar year 2022. Box 5, Employee contributions/Designated Roth contributions or insurance premiums: The title of Box 5 does not accurately reflect what it means for retirees of the Massachusetts Teachers’ Retirement System-in our case it is not related to insurance or Roth contributions.Box 4, Federal income tax withheld: This shows the total amount of federal income tax withheld for calendar year 2022.Box 3: Not applicable for MTRS retirees.For example, the 1099-R issued in the year of a retiree’s death would display “Total distribution” to let the IRS know that the retiree’s monthly benefit payments have ceased. The other box, “Total distribution,” is checked when there are no further distributions payable to you from the MTRS. You may find additional information on how to calculate the non-taxable portion of your benefit in IRS Publication 575 or in the 1040 Workbook under the heading of “Pension Annuity Income” or see the sample Simplified Method worksheet on our website. In this case, you should determine the non-taxable amount yourself. Box 2b: If “Taxable amount not determined” is checked, then the MTRS did not have all of the necessary information to determine the taxable amount, and Box 2a will be blank (see Box 2a, above).In that case, in Box 2b, “Taxable amount not determined” will be checked. If there is no amount in Box 5, the MTRS may not have all the necessary information to determine the taxable amount. If part of your distribution is not taxable, the nontaxable amount will be displayed in Box 5. Box 2a, Taxable amount: This shows the distribution amount that is taxable. Box 1, Gross distribution: This shows the total distribution amount that you received from the MTRS for the calendar year 2022.Payer’s TIN (“Payer’s Identification Number”): The type of Taxpayer Identification Number (TIN) used by the MTRS is a federal Employer Identification Number (EIN) and can be found in this box.It is not a scannable Quick Response (QR) Code, and does not contain any personal information. Barcode: This small square barcode is printed on your form solely to ensure mailing accuracy.While we have included an informational insert with your 1099-R Form, below is additional information that we hope you find helpful in reading your 1099-R Form.
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