The Payment Settlement Entities (PSE) file a form 1099-R for payments made in settlement for a reportable payment transaction. These include payments made through credit cards, debit cards, gift cards, or through third-party networks.
When Do You Need to File 1099-R?
You must file a 1099-R for individuals who you made a distribution of $10 or more from pensions, retirement plans, annuities, profit-sharing plans, insurance contracts, etc.
You must also file to report death benefit payments made by employers that are not part of the pension, retirement plan, annuities, etc.
Form 1099-R Deadlines For 2020
Following are the 1099-R due dates for each filing type. Forms must be transmitted to the IRS before the deadline.
- Recipient copy > January 31
- IRS eFile > March 31
- IRS paper filing> February 28
If a due date falls on a weekend or holiday, it will be due the next business day.