Tax Form 5498 is used to report contributions to IRA accounts. The deadline for 2023 contributions, including rollovers, is the tax deadline of April 15, 2024. Contributions made in or for 2023 will be reported to the IRS by May 31, 2024, at which time Form 5498 will also be mailed to clients.  

When making a contribution, it is important to make a note on the check or deposit identifying which year the contribution is for, so it is coded correctly. For example, a contribution made in March of 2024 could be for either tax year 2023 or tax year 2024. By clearly indicating the appropriate tax year, you can help avoid processing delays.

IRS Form W4-P, Withholding Certificate for Periodic Pension or Annuity Payments. This form is used to make tax withholding elections on periodic payments. Generally, “periodic” payments are made in installments at regular intervals (annually, quarterly, or monthly) over a period of more than one year.

This document can be found on the IRS website.

IRS Form W-4R, Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions. This form is used to make tax withholding elections on non-periodic payments. Generally, “non-periodic” payments are amounts payable on demand, such as partial withdrawals, systematic withdrawals, surrenders, loans, lump-sum death benefits and Required Minimum Distribution (RMD) requests.

This document can be found on the IRS website.

Forms 1099-R and 1099-INT are mailed out to policy owners by January 31 and should be received on or around February 15, allowing 10-15 days for USPS delivery. They are posted on our customer website as of February 7.

The IRS allows individuals to contribute into certain retirement accounts until April 15 (for 2023 contributions) and have the funds applied for the previous tax year. To ensure all contributions are accurately accounted for, Forms 5498 are mailed to policy owners by May 31 for the prior tax year.

Please note: When making a tax-year contribution, it is important that you reference the intended tax year in the memo of your check. This allows us to correctly code the transaction and avoid delays when processing your Form 5498 for the tax year.

If you did not receive your tax form by your expected date as noted above and you are registered on our customer website, you may download the form any time as of February 7. To obtain a replacement copy by mail, contact the Annuity Service Center to request a copy.

Please note that Forms 1099-R or 1099-INT are only issued to policy owners who had a taxable or reportable distribution in the current tax year.

You can login to your Corebridge Financial account through the login at the top right of any page on our website. If you do not yet have an online account, you’ll find registration instructions on the Support page.

Use this helpful reference guide for details on:

• 2024 income tax rates
• Tax rates for capital gains and dividends
• Contribution limits for IRAs, 401(k)s and other employer-sponsored retirement plans
• Gift and estate tax rates and exemptions
• Standard deductions, personal exemptions and more

Use this helpful Annuity state tax withholding guideline for detailed information about tax requirements for the state(s) in which you are filing.

In general terms, the exchange of a life insurance policy or annuity contract for another life insurance policy, annuity contract, or qualified long-term care insurance contract is considered a section  1035 exchange. Some exceptions may apply depending on the policy types. In most cases, a section 1035 exchange transaction is not taxable but is reportable.

The contract holder’s investment in the policy (also sometimes called the “tax basis”).

The total amount of the distribution, withdrawal, surrender, or section 1035 exchange with another company associated with a policy.

The total taxable amount of a disbursement or distribution.

The code number or letter found in Box 7 of a Form 1099-R shows the type of transaction reported in that tax year.  Here is a guide to the most common IRS distribution codes found on the Forms 1099-R we send to policy owners. For more information, please see the instructions associated with Form 1099-R on the IRS website.

1.    Early distribution, no known exception.  Code 1 is generally used when the taxpayer is under the age of 59½.

6.    Section 1035 exchange. Code 6 is used for a tax-free exchange of a life insurance, annuity, long-term care insurance, or endowment contract under section 1035.

7.    Normal distribution. Code 7 is generally used for a normal distribution in which taxpayer is over the age of  59½.

W.   Charges or payments for purchasing qualified long-term care insurance contracts under combined arrangements. Code W is used to report charges or payments for purchasing qualified long-term care insurance against the cash surrender value of a life insurance policy.