Form 1099 & 5498 FAQs

  1. When will my tax forms be mailed?
    All tax forms are required to be postmarked prior to January 31.

  2. Why did I receive a 1099-R?
    A reportable transaction was generated on your certificate.

  3. How is the taxable amount calculated for life insurance?
    Generally, for life insurance, distributions are taxable when the amount received is greater than the amount paid into the certificate.

  4. Why did I receive a 1099-R for my certificate if I didn’t receive any money?
    Refunds can be used to purchase additional insurance, held on deposit or received in cash.  When the amount of the funds received exceeds the amount paid into the certificate a 1099-R will generally be produced.  The 1099-R will generate regardless of refund method.

  5. Why did I receive a 1099-INT for my refunds on deposit when I didn’t receive any money?
    Refunds held on deposit earn interest.  The interest is reported to you each year similar to a savings account.

  6. Why did I not receive a 1099-INT for the interest earned on my annuity?
    Interest earned on annuities is deferred until the funds are withdrawn.  If a withdrawal is made and there is taxable gain on the certificate, a 1099-R will be issued.

  7. What is Form 5498?
    Form 5498 is used to report contributions and rollovers to your retirement plan, including IRA’s, Roth IRA’s, SEP’s and SIMPLE’s.  It is also used to report the fair market value of the plan at year end.  

  8. I have already filed my return.  Why am I receiving a Form 5498 now?
    You are receiving this form because you made a contribution to your retirement plan in the current year for the prior year.  Contributions can be made to your retirement plan up until April 15 of the current year for the previous year.

  9. What should I do if I have additional questions?
    If you have additional questions related to your tax form(s), please call (800) 225-3108. Please enter extension 57014 for questions on tax forms for life insurance or extension 57018 for annuity questions. Please contact your tax professional if you have specific questions related to the filing of your taxes.