If I still have not received my Form 1099-R,what should I do?
OPERS will mail 1099-R statements in late January. You can view and print your current Form 1099-R by visiting the OPERS Web site and accessing your Online Account. Registration and a Password are required to use your Online Account. Registration is fast and easy and can be completed via e-mail. Visit www.opers.org to access registration instructions from the home page. If you have not received your Form 1099-R by February, please contact us.
I am a disability benefit recipient and the distribution code on my 1099-R (Box 7) is a “7.” My tax advisor believes it should be a “3.” Which one is correct?
A distribution code of “3” indicates a person is permanently disabled. OPERS does not use a distribution code “3” for disability recipients because our members are only evaluated for disability benefits based on their position. This is not the same as being permanently disabled as defined by the IRS.
The IRS defines “permanently disabled” as being unable to engage in any substantial gainful activity by reason of a medically determined physical or mental impairment which: 1) has lasted or can be expected to last for a continuous period of 12 months or more; or 2) can be expected to result in death. Our disability benefit recipients are not considered permanently disabled, only disabled from their last OPERS-covered position. We indicate this by assigning a distribution code of either “2” or “7,” depending on your age. To determine eligibility for IRS purposes, members should refer to IRS Publication 721 or 524 or contact the IRS at1-800-829-1040. They would need to obtain a qualifying physician’s statement.
What is the amount in the Employee Contributions or insurance box (Box 5)?
This box represents the amount of your retirement monies on which you have already paid taxes or which are excluded from taxes. It is the difference between Box 1 (Gross distribution) and Box 2a (Taxable amount).
How do I change the federal or state tax withholding on my pension benefit?
OPERS benefit recipients can quickly change their tax withholding for federal or state income tax at any time during the year through their Online Account. Alternatively, you can update your withholding preferences by filing a Federal Withholding Certificate for Pension or Annuity Payments (Form W-4P). You can also change your tax withholding for state income tax by submitting your updated withholding preferences through your Online Account, or by filing a Recipient's Withholding Certificate for Ohio Personal Income Tax (Form IT-4P). These forms are available on our Web site (retiree forms) or by contacting us.
Online filing and information
The Ohio Department of Taxation invites you to visit www.tax.ohio.gov
. The site provides a link to I-file which is a free service that allows you to file your Ohio income tax return online. Visit www.tax.ohio.gov and follow the instructions. This Web site also details the e-file, TeleFile and e-payment programs.
If you have more questions, call the Ohio Department of Taxation, toll-free, at (800) 282-1780. Taxpayer service agents are available from 8 a.m. to 5 p.m. Monday through Friday.