Definitions
5498
1099-R
Forms you would only see on the last day of the Mayan calendar
100
This happens when the contract owner takes ownership of the funds then invests in the same or different plan type.
What is an indirect rollover?
100
These two tax plans allow 2013 contributions up to $5,500 for individuals under 50, and $6,500 for individuals 50 and older.
What are IRA and roth IRA?
100
Starting in 2011, this box on the 1099-R will be checked for most distributions from a traditional IRA, SEP IRA, SIMPLE IRA, or Roth IRA. It is also checked for non-qualified contracts if we do not have a cost-basis.
What is "taxable amount not determined" box?
100
Contracts that are non-qualified and corporate owned will receive this form, as they are not eligible for tax deferred status?
What is form 1099-INT?
200
This premium is new money added to an employer sponsored plan or IRA other than through a rollover or transfer.
What is a contribution?
200
5498’s are not generated for these two tax plans.
What are 403b and nonqualified tax plans?
200
This distribution is reportable, but not taxable.
What are 1035 tax free exchanges?
200
This document provided to producers reports income to use for tax reporting purposes. It is also used to report payments to clients when the payments are not a distribution from the annuity contracts.
What is a 1099-M?
300
If a client sends in premium between 1/1/2013 and 4/14/2013 and notates on the check or an LOI that the premium is for 2012, it will be this type of premium.
What is a previous tax year contribution?
300
5498’s are sent to the IRS by this date.
What is May 31st?
300
Distributions from this tax plan does not generate a 1099-R.
What are 401k, defined benefit plan, or custodial IRA?
300
An agent will not receive a 1099-M when they earn less than this amount form Allianz.
What is $600?
400
This number on the 5498 includes a portion of additional benefits from certain income guarantees (such as lifetime withdrawals and death benefits) that is added to the current value for purposes of determining RMD amounts.
What is actuarial present value?
400
This section on the 5498 will only be used when a corrected 5498 is sent to the IRS AFTER May 31st.
What is the correction box?
400
This distribution code on the 1099-R represents an early distribution from a Roth IRA.
What is distribution code J?
400
These items are taxed in the year they are credited.
What are perks?
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