When does Empower Retirement send out 1099?
Retirement planning is a crucial aspect of financial management, and receiving accurate and timely information about your retirement benefits is essential. For those who have their retirement accounts managed by Empower Retirement, understanding when they send out 1099 forms is important for tax preparation and financial planning. In this article, we will explore the timeline for when Empower Retirement typically sends out 1099 forms to their clients.
Timeline for 1099 Distribution
Empower Retirement typically follows the standard timeline for sending out 1099 forms, which is generally in January or February of the following year. This means that if you are receiving retirement benefits or have investments managed by Empower Retirement, you can expect to receive your 1099 form by the end of February at the latest.
Why the Delay?
The delay in sending out 1099 forms is often due to the complexity of processing and verifying the data required for these forms. Empower Retirement ensures that all the information is accurate and complies with tax regulations before distributing the forms. This process can take some time, especially when dealing with multiple accounts and various types of retirement benefits.
How to Receive Your 1099 Form
To receive your 1099 form from Empower Retirement, it is important to keep your contact information up to date. This includes your mailing address and email address if you prefer to receive electronic copies. You can update your contact information by logging into your Empower Retirement account online or by contacting their customer service.
Using Your 1099 Form
Once you receive your 1099 form, it is crucial to review it carefully to ensure that all the information is accurate. The form will provide details about the income you received from your retirement account, including distributions, dividends, and interest. This information is necessary for accurately reporting your income on your tax return.
Seeking Assistance
If you have any questions or concerns about your 1099 form or the information it contains, Empower Retirement’s customer service team is available to assist you. They can provide guidance on how to interpret the form and answer any questions you may have regarding your retirement benefits.
In conclusion, Empower Retirement typically sends out 1099 forms in January or February of the following year. It is important to keep your contact information up to date and review your 1099 form carefully to ensure accurate tax preparation. By staying informed about the timeline and process for receiving your 1099 form, you can effectively manage your retirement benefits and plan for your financial future.
