Benefit Payment Government Filings
January 3, 2007

If you paid any benefit payments in 2006, then you will have to prepare and file some government forms. The General Instructions for Forms 1099, 1098, 5498, and W-2G provides guidance on how to prepare and file the forms.

o IRS Forms 1099-R – This form must be provided to anyone who received a plan distribution (of $10 or more) during the calendar year. The participants’ copies must be mailed by January 31. Copies must be filed with the IRS by February 28 (or March 31 if filing the forms electronically).

o IRS Form 1096 – This form must be sent as a transmittal document whenever paper copies of the IRS Forms 1099-R are sent to the IRS. If they are submitted electronically, then this form is not required.

o IRS Form 945 – This form is used to report federal withholding from non-payroll payments, including distributions from qualified retirement plans. The deadline is January 31. This year’s Form 945 is due by January 31, 2007. However, if you made deposits on time in full payment of the taxes for the year, you may file the return by February 12, 2007. 

Generally, you are required to file electronically or by magnetic media if you file 250 or more information returns.