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Early 2023 Important Retiree Tax Reminders

 Please take note of the following annual events that affect you as a retired TRS member:

Expect Arrival of 1099-R

If you received a TRS benefit in 2022, the Office of the Comptroller will mail an IRS Form 1099-R to you by Jan. 31, 2023. This form will report your income received from TRS during 2022.

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 2022. Box 9B will only have a value if 2022 was the first year that you received a benefit from TRS.

1099-R graphic

If you do not receive a 1099-R form by Feb. 16, 2023 or you need a duplicate copy sent to you, please log in to the secure Member Account Access area. Annually after Feb. 16, 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: Your Member ID is required to set up an account. 

Annual increase reflected on Feb. 1 check because it is your payment for January

TRS pays your monthly benefit in arrears. The check issued Jan. 1, 2023 is your payment for the month of December 2022. Annual increases, certain insurance premiums and federal tax withholding changes will be reflected on the check issued Feb. 1, 2023 which is your monthly annuity for January 2023.

Federal income tax withholding  

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 2022 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 can call your local Internal Revenue Service office for a blank form or download the blank form from the IRS website: A new Form W4-P replaces any former withholding on file with TRS.