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How to Read Your 1099-R
buttons in the following sample:- 1. Gross Distribution Box 1 is the benefit amount that VRS paid to you in 2008. It includes the total of your monthly benefit, cost-of-living increases and any supplements you received.
- 2. Taxable Amount Box 2a shows the taxable amount of your benefit. This amount equals the amount in Box 1 minus the amount in Box 5.
- 3. Federal Income Tax Withheld Box 4 shows total amount of federal income tax withheld in 2008, determined by the IRS Federal Tax Table. Your withholding is based on your marital status and number of allowances you provided on your Request for Income Tax Withholding (VRS-15).
- 4. Employee Contributions Box 5 shows the amount of your benefit that is not subject to tax. It includes VRS member contributions on which you already paid taxes. To determine your taxable amount (Box 2a), this amount is subtracted from your total benefit amount (Box 1).
- 5. State Tax Withheld Box 10 shows the total amount of state income tax withheld in 2008. The taxable amount is based on the total number of exemptions you provided on your Request for Income Tax Withholding (VRS-15).
- 6. Health Insurance Premiums If you are eligible to receive a health credit, the amount shown in Health Insurance Premiums is the difference between the total health insurance premium amount and health credit amount. If you do not receive a health credit, the amount in Health Insurance Premiums reflects the total amount of your health insurance premiums.
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