The short answer
| What it reports | Distributions from retirement or profit-sharing plans, any IRA, insurance contracts, and IRA recharacterizations. |
|---|---|
| Amounts to report | $10 or more |
| To the recipient | January 31 |
| To the IRS, on paper | February 28 |
| To the IRS, electronically | March 31 |
If one arrives
The distribution code in box 7 decides the treatment, including whether an early-distribution penalty applies. A rollover is reported here too and is often not taxable.
The form is how a payer tells the IRS what it paid. Its absence is not permission — income you received is reportable whether or not a form covers it, and a threshold decides only who must file, never what you owe.
This page is for educational purposes only and does not constitute tax, legal, or financial advice. It covers United States federal reporting. Consult a qualified tax professional about your situation.