You will only receive a 2023 1099r if you withdrew or rolled out funds from your account, defaulted on a loan or converted pre-tax funds to Roth in the year 2023. 2023 1099rs were mailed from our custodial bank (Bank of New York Mellon) prior to 1/31/2024. As a result, the 1099r will be in a Bank of New York Mellon envelope.

What you should know about Form 1099-R

Form 1099-R is an IRS tax document that the Plan must distribute when there is a taxable event on your account. The form provides you and the federal government with information on benefits paid and amounts withheld for federal income tax.

Per IRS regulations, tax documents (including 1099-Rs) must be mailed by January 31 each year. We recommend waiting at least 10 business days after January 31 before requesting a reprint.

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What qualifies as a taxable event?

A taxable event is any action or transaction that may result in taxes owed to the government. You will receive Form 1099-R related to the following taxable events:

Distribution from your account (partial, full, periodic or unforeseeable emergency)
Small inactive account withdrawals
Plan loan defaults
A rollover or conversion. However, while all rollovers are considered reportable, not all are considered taxable. For more information on rollovers, see the section below labeled "Can I expect to receive a 1099-R if I completed a rollover or conversion?"

What does not qualify as a taxable event?

You will not receive Form 1099-R for the following, which are not taxable events:

Deferred contributions from your paycheck. These are detailed in your employer-distributed Form W-2
A Plan loan that has not defaulted
Internal Plan to Plan transfers in which "transfer" (not "rollover") was selected on the Internal Plan to Plan transfer form at the time of processing

Can I expect to receive a 1099-R if I completed a rollover or conversion?

In short, yes. Rollovers and conversions are considered reportable, which means you’ll receive a 1099-R. But whether your rollover is taxable and what shows up on your 1099-R can depend on a few factors. The information below covers the most common factors that affect how your rollover or conversion is reported on Form 1099-R.

Did you complete an outgoing rollover to any type of qualified plan (excluding Roth IRAs)?

An outgoing rollover means you rolled your retirement savings from one plan to another. For example, you could roll over funds from a retirement plan offered by a previous employer to a plan offered by your current employer.

Rollovers from a pre-tax plan to a non-Roth product are not taxable. If you completed this type of rollover:

Box 2(a) will be blank, indicating the rollover is not taxable
Box 7 will read Code G, which means that it’s a rollover and it’s reportable

Did you complete an outgoing rollover to a Roth IRA?

Rollovers from a pre-tax plan to a Roth IRA are taxable. If taxes were withheld at the time of processing, they will be reported on the same 1099-R in the applicable Federal and State tax boxes. For example:

Box 2(a) will display a taxable amount
Box 7 will read Code G, which means that it’s a rollover and it’s reportable

Did you complete an internal conversion within your account?

If you converted pre-tax funds to Roth within your NYSDCP account, you’ll receive a 1099-R.

If no taxes were withheld when your request was processed, your 1099-R may show:

Box 2(a) will have the taxable amount
Box 7 will have a code G, which means that it’s a rollover and it’s reportable

If you had taxes withheld when your request was processed, you’ll receive two 1099-Rs.

The first will indicate that the taxes were satisfied
The second will represent the actual amount that was converted within your plan

Can I get my Form 1099-R from the Plan website?

No. The form is not available via the Plan website. However, HELPLINE representatives can send you reprints as needed. We recommend waiting at least 10 business days after January 31 before requesting reprints.

I received more than one Form 1099-R. Is that correct?

You will receive a Form 1099-R for each taxable event. For example, if you had a loan default and took a distribution in the same tax year, you will receive more than one 1099-R and each will be mailed separately. Therefore, be sure you have received all Form 1099-Rs related to the prior year’s processing before you report your taxes.

Public safety officer insurance payments and tax reporting

Retired public safety officers may be eligible for a tax exemption on distributions sent as direct payments to their health insurance provider.

Taxes are not withheld on these payments. However, they are reportable as a taxable event.
- Box 7 will be Code 2 or 7, indicating a regular distribution. Whether Code 2 or 7 is listed here depends on your age. These codes indicate a regular distribution of “ordinary income,” or income that’s taxable at your usual income tax rate.
To get the tax benefit, these payments must be reported as a tax exemption on your income tax return. To learn how to report it, consult your tax preparer.
- Please note: The IRS allows a maximum of $3,000 per calendar year related to Public Safety Officer insurance payments. Since these payments are reported as ordinary income on the 1099-R, any other distributions from the same year may be included along with the Public Safety Officer premiums. Only amounts specifically used for Public Safety Officer insurance payments should be reported in relation to that exemption.