Member Resources for 2018 Tax Forms
Over the next several weeks, members will begin receiving 1099s for the 2018 tax year. The Pension Fund team is sending a special reminder this year due to the $48 million in Good Experience Credits and $96 million in Special Apportionments awarded to member accounts in 2018, which naturally resulted in additional taxable income.
To help members understand and prepare taxes, below are some important notes on the forms we will be sending out in the coming days. In addition, for clergy, Pension Fund offers a helpful Minsters’ Tax Guide on our website (click here).
1099 Forms will be postmarked by Jan. 31, 2019:
- Benefit Accumulation Account (BAA) holders will receive Form 1099-INT.
- IRA and/or Tax-Deferred Retirement Account (TDRA) holders who took a distribution in 2018 will receive Form 1099-R.
- Pension recipients will receive Form 1099-R.
Housing Allowance (for members who are retired clergy or clergy receiving disability payments):
- Box 1 will indicate your full distribution.
- Box 2 will be blank.
- Box 2b “Taxable Amount Not Determined” will be checked. This is required for you to reconcile your 2018 Housing Allowance.
Members who made Charitable Contributions:
- Donation receipts from Pension Fund will be postmarked by Jan. 31, 2019.
- Please consult your tax advisor regarding the deductibility of your contributions.
Members who made a Qualified Charitable Distribution (QCD) from a Traditional IRA:
- You will receive Form 1099-R for the full distribution.
- You must claim your QCD on your Form 1040.
- Please consult your tax advisor regarding this process.
Members who rolled funds from a TDRA to an IRA:
- You will receive Form 1099-R for the entire amount rolled from a TDRA to an IRA.
- Please consult your tax advisor regarding proper filing to ensure you do not pay income tax on the rollover.
Members receiving a Puerto Rican pension:
- Form 480.7C will be post marked by Feb. 28, 2019.
Members who have their Medicare Supplement through the Christian Church Health Care Benefit Trust (CCHCBT):
- Letters verifying the total annual premium deducted from your Pension Fund Pension account and paid to CCHCBT will be post marked by Feb. 11, 2019.
Members who are planning to withdraw funds from a TDRA, IRA, or BAA to pay their 2018 tax bill:
- To guarantee a deposit in your account by April 15, please submit the required withdrawal form(s) no later than 12 p.m. EST on April 10.
- If that deadline is missed, the only way to guarantee funds by April 15 is via wire, which is accompanied by an additional transfer fee.
- Deposit and Withdrawal forms can be found on our website at https://pensionfund.org/forms.
Pension Fund’s Member Relations team is available to answer questions regarding forms or other tax reporting documents by phone at 866.495.7322 or e-mail at firstname.lastname@example.org. Please remember that we are not able to provide tax or legal advice. If you have questions about qualified deductions or filing, please consult a tax professional.