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Why are you receiving this notice? After a review of our records, TRS determined that the TRS-related 1099-R tax form you are receiving for 2023 is incorrect and a new one will be issued.
What is the error? While all or a portion of your 2023 one-time stipend was issued as a rollover, the TRS-related 1099-R tax form dated Jan. 16, 2024 does not reflect the correct taxable and non-taxable portions of your payments. Please disregard all TRS-related tax forms dated Jan. 16, 2024 issued to you.
What happens next: TRS will issue your revised 1099-R forms in the next 7-10 business days. This means you will receive at least two Forms 1099-R, but you could receive more than two depending on the type of payments you received. The 1099-R tax form will reflect the amount of the one-time stipend you elected to roll over, which will be indicated by a distribution code of G in box 7 of the form. Any other payments that you did not roll over including any regular monthly annuities you received during the 2023 tax year will have a different distribution code in box 7.
The incorrect Form(s) 1099-R dated Jan. 16, 2024 will also be removed from your MyTRS Document Center.
What do you need to do? Please disregard any TRS-related 1099-R tax forms dated Jan. 16, 2024 issued to you, and be on the lookout for the new forms we will send in the next 7-10 business days.
We apologize for the error and regret any hardship this may have caused you. If you have any questions regarding this matter, please contact a Benefit Counselor at 1-800-223-8778.
Sincerely,
TRS Benefit Accounting
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