| Instructions for Forms 1099-R & 5498 |
2003 Tax Year |
Instructions for Forms 1099-R and 5498 - Introductory Material
This is archived information that pertains only to the 2003 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.
The following changes have been made:
Coverdell ESAs.
For Coverdell ESA distributions and contributions made in 2003, report distributions on Form 1099-Q, Payments From Qualified Education
Programs (Under Sections 529 and 530); report contributions on new Form 5498-ESA, Coverdell ESA Contribution Information.
Distribution codes.
The following code changes have been made. See Guide to Distribution Codes on pages R-10
and 11.
- Code G has been re-titled Direct rollover and rollover contribution. Use Code G for a direct rollover from one
qualified retirement plan to an eligible retirement plan. Under EGTRRA of 2001, sections 641 and 642 allow rollovers from
qualified retirement plans,
section 403(b) annuities, and governmental section 457(b) plans to any such plans or arrangements. An IRA distribution (except
for a required minimum
distribution) generally can be rolled into an eligible retirement plan. Therefore, Code H has been deleted.
- Code J has been revised. Use Code J for an early distribution from a Roth IRA, no known exception.
- Code M has been deleted. See Coverdell ESAs above.
- Code Q has been added. Use Code Q for a qualified distribution from a Roth IRA.
Deemed IRAs.
A reference to deemed IRAs (section 408(q)) has been added. See IRA Distributions on page R-2.
Cost of current life insurance protection.
Notice 2002-8, 2002-4 I.R.B. 398, provides interim guidance for the valuation of current life insurance protection.
PS 58 rates have limited use
after 2001. References to PS 58 costs have been replaced by cost of current life insurance protection in the instructions.
New Box 11. Check if RMD in 2004. Box 11 is used to designate the year in which a required minimum distribution (RMD) is to be made. On
the 2003 Form 5498, check the box if the participant must take an RMD in 2004. On Form 5498, or in a separate statement, report
the information
required by Notices 2002-27 and 2003-3 (see page R-12).
Designated combat zones.
The Arabian Peninsula Areas (Iraqi Freedom) have been added to the list of designated combat zones. See page R-13.
In addition, see the 2003 General Instructions for Forms 1099, 1098, 5498, and W-2G for information on:
- Backup withholding
- Magnetic media and electronic reporting requirements
- Penalties
- Who must file (nominee/middlemen)
- When and where to file
- Taxpayer identification numbers
- Statements to recipients
- Corrected and void returns
- Other general topics
You can get the general instructions from the IRS website at www.irs.gov or call 1-800-TAX-FORM (1-800-829-3676).
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