You are: individual
Here’s a brief overview of the main forms you may receive or use in association with your annuity contract or life insurance policy.
For the quickest and easiest way to access your tax documents, please login to your online account using the login button in the top right corner of this page. You may also register for an account through the login page.
Tax Form 5498 is used to report contributions to IRA accounts. The deadline for 2022 contributions, including rollovers, is the tax deadline of April 18, 2023. Contributions made in or for 2022 will be reported to the IRS by May 31, 2023, 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 2023 could be for either tax year 2022 or tax year 2023. 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.
Frequently Asked Questions
The IRS allows individuals to contribute into certain retirement accounts until April 18 (for 2022 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:
- 2023 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
Key Definitions and Tips
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.