Month: January 2023

TAX SEASON – 1099-R INFORMATION

Posted on by planeteria

As you prepare to file your taxes, here’s how to obtain your 2022 Tax Form 1099-R information:

Online beginning the week of January 31, 2023

You may view and/or print a copy of your 1099-R tax form by logging into your MyLAFPP portal. Click here to access your MyLAFPP portal. 

Mailed on January 31, 2023

If you prefer to wait for a hardcopy of your 1099-R tax form, it will be mailed to your address on file via U.S. mail on January 31, 2023. Please allow up to 10 business days to receive your 1099-R by mail. If you have not received your 1099-R form by February 15, 2023, please contact the Accounting Section at (213) 279-3040 or (844) 88-LAFPP ext. 3040.

Some members may receive more than one 1099-R tax form in a year. Here are some of the possible reasons: 

  1. You exited DROP and received the proceeds of your DROP account via a rollover, a lump-sum cash distribution, and received at least one monthly pension check in the same year. In this case you would receive a total of three 1099-Rs. One 1099-R for the DROP rollover (Distribution Code G), one 1099-R for the DROP lump-sum (Distribution Code 2), and one 1099-R for monthly pension payments (also Distribution Code 2).
  2. You have a non-tax dependent covered on your LAFPP-subsidized health insurance plan (e.g., domestic partner or child of a domestic partner). This 1099-R would have a Distribution Code 9.
  3. Your IRS tax distribution code changed during the year (i.e., when member attains age 59 ½ by June of the same year). You would receive two 1099-Rs, one for when you were under 59.5 years old (Distribution Code 2) and another for when you were over 59.5 years old (Distribution Code 7).
  4. You received pension payments based on your City service and from a qualified domestic relations order (QDRO) (Distribution Code 2) or as a beneficiary (Distribution Code 4).

What does each box represent on the 1099-R? 

Need to make changes to your income tax withholdings?

Make them electronically through the MyLAFPP Portal! You can make your changes in 6 easy steps:

  1. Access MyLAFPP
  2. Click Retiree Benefits 
  3. Click Tax Withholding 
  4. Click Update Pension Tax Withholding Instructions
  5. Fill in all the information. Please fill in all the information even if you are only changing either Federal or State of California withholdings. 
  6. Click Submit

IMPORTANT NOTE: In addition to Federal taxes, LAFPP is responsible for tax withholding only in the State of California. Since LAFPP does not have an operating business presence in other states, we do not offer tax withholding for states other than California. If you reside outside the State of California, no state taxes will be withheld. The State tax withheld (Box 14) and State distribution (Box 16) on your Form 1099-R will be populated with $0.00. 

Tax year 2022 1099-Rs: The State/Payer’s State No. (Box 15) will continue to reflect the LAFPP Tax ID CA/800-7968-4 regardless of your state of residence. Box 15 is an administrative 1099-R field for California payers.

For questions, please contact the Retirement Services Section at (213) 279-3125 or (844) 88-LAFPP, ext. 3125.