As tax season approaches, we want to inform you about a change to Box 5 on your 1099-R form. In the past, Box 5 showed insurance premiums. This year, it will display your non-taxable amount instead.

The non-taxable amount represents the contributions you made while working, which are not taxed when you retire.

Box 5 is for informational purposes only and is already included as the difference between the Gross Amount (Box 1) and the Taxable Amount (Box 2a).

This change helps you easily see how much of your retirement income is non-taxable, ensuring you’re not taxed on money you’ve already contributed.

Please view the following guide for more information on Understanding Your 1099-R Form

For specific questions about your 1099-R, contact your tax advisor or the IRS at 800-829-1040. More information is provided by the IRS.