Please take note of the following annual events that affect you as a retired TRS member:
1099-R form for 2018 taxes
If you received a TRS benefit in 2018, the Office of the Comptroller mailed you this form already. This form reports your income received from TRS during 2018. If you did not receive a 1099-R form or you need a duplicate copy sent to you, please log in to the secure Member Account Access area. Annually after Feb. 15, you may request a duplicate 1099-R online for a prior year. A duplicate is mailed by the Illinois Comptroller's Office and will take up to 10 business days for you to receive it.
If you have not yet set up your online member account, please watch this video to learn how: https://www.trsil.org/videos/accessing-your-trs-member-account-online. Your Member ID is required to set up an account.
The amount shown in Box 5 on the 1099-R form represents the non-taxable portion of TRS retirement benefits paid to you for the year (see graphic below) and is the difference between Boxes 1 and 2a. Box 5 does not represent the amount of your TRIP premiums for 2018. Box 9B will only have a value if 2018 was the first year that you received a benefit from TRS.
Federal income tax withholding tables changed
Revised federal income tax withholding tables went into effect on Jan. 1, 2019. As a result, the federal taxes withheld from your Jan. 1, 2019 annuity payment may increase or decrease based on your filing status.
TRS cannot give tax advice. You may wish to contact a qualified tax advisor or the Internal Revenue Service at (800) 829-1040 to ensure that you have adequate federal withholding for the 2019 tax year. If you are underwithholding, there could be a negative consequence at tax time.
If you would like to change your withholding election, you must complete a new Form W4-P. You may print a personalized Form W4-P online within the secure Member Account Access area after you have signed in. Or, you may call your local Internal Revenue Service office for a blank form or download the blank form from the IRS website: http://www.irs.gov/pub/irs-pdf/fw4p.pdf. A new Form W4-P replaces any former withholding on file with TRS.