![]() |
![]() |
![]() ![]() |
||
![]() |
![]() JB Pritzker, Governor |
![]() |
|
IRS Form 1099R Tax Information IRS Form 1099R for benefit payments were mailed by the Office of the Comptroller during January. These benefit payments are subject to federal income tax, but they are NOT subject to State income tax. The payments are reported on IRS Form 1040 under "Pensions and Annuities".
1099R Reporting
If you have any questions regarding your 1099R, you may contact the IRS, your tax preparer, or GARS at 217-782-8500.
IRS FormW2-GI for the value of group term life insurance over $50,000 were mailed by the Office of the Comptroller. The value of the group term life insurance is subject to state and federal income tax and must be reported on state and federal tax returns.
W2-GI Reporting If you carried basic and optional group term life insurance in excess of $50,000 during the calendar year in which you received benefits from GARS, Box 1 "Wages, Tips, other Compensation" is taxable and reportable on your federal income tax return. |
Copyright © 2004 General Assembly Retirement System | SRS Privacy Policy | Illinois Privacy Information | Kids Privacy | SRS Webmaster |