2023 Tax Year Overview
Equitable life insurance and annuity policy owners, who had a taxable or reportable transaction in 2023 (for example, a surrender, withdrawal, 1035 exchange to a policy with another company, or the payment of most interest) will receive a 1099 tax form in accordance with IRS guidelines for tax reporting purposes. Generally, the 1099-R and 1099-INT tax forms are made available via the Equitable Client Portal (Register or Login Here) and mailed to clients by the end of January, following the tax year that just ended.
For the fastest access to your tax documents, Equitable strongly recommends logging in to your account through the Equitable Client Portal to retrieve your 1099-R and/or 1099-INT tax forms. These tax documents will be made available online prior to being mailed, which will speed up the completion of your tax return.
1099-R AND 1099-INT TAX FORMS FOR TAX YEAR 2023 WILL BE AVAILABLE ONLINE BY LOGGING INTO THE EQUITABLE CLIENT PORTAL BY AROUND 1PM ON FRIDAY, JANUARY 19TH 2024. PAPER COPIES ARE SENT VIA REGULAR MAIL NO LATER THAN JANUARY 31ST.
FORM 5498
Equitable Financial annuity contract owners who made reportable contributions or rollovers into their IRA contracts in, or for tax year 2023, will receive a Form 5498 in accordance with IRS guidelines. Please note that the IRS allows individuals to make non-rollover contributions to IRAs for 2023 up to the 2024 tax filing deadline, in April 2024. Accordingly, 5498 tax forms are also made available online by logging into our website Equitable Client Portal (Register Here) prior to being mailed to clients in May 2024.
In order to retrieve your documents online, please login to your account online. Tax forms will be loaded under the recent documents section: Documents, statements & tax forms. If you are not registered for Equitable Client Portal, you can register here.
Below are key terms, definitions, and FAQ’s that will facilitate your understanding of the tax forms you have or will receive with respect to your life insurance policy or annuity contract.
TERMS & DEFINITIONS
1099-R Form The tax form used to report taxable transactions for a life insurance policy or annuity (for example, gain on a surrender or certain lapses). It is also used to report dividends earned when the total dividends paid to the owner have exceeded total premiums paid into the policy and used to report charges or payments on qualifying Long Term Care Services Riders and calling out that federal tax rules require insurers to report such amounts, but these amounts are not taxable.
1099-INT Form – The tax form used to report interest credited on dividends left on deposit and interest on death claims.
1099-MISC- The tax form used to report miscellaneous income for a tax year.
Gross Distribution – The total amount of the distribution, withdrawal, surrender, or 1035 exchange to a policy with another company.
Taxable Amount – The total taxable amount of the distribution.
Cost Basis -The contract holder’s investment in the policy (Also called the tax basis), on our records.
1035 Exchange – The exchange of a life insurance policy for another life insurance policy, annuity contract, or qualified long-term care insurance contract issued by another life insurance company qualifies as a 1035 exchange. The exchange of an annuity contract for another annuity contract or qualified long-term care insurance policy is also a 1035 exchange. In most cases, a 1035 exchange transaction is not taxable but is reportable and therefore a 1099-R is issued by the surrendering carrier.
Distribution Codes – The code found in Box 7 of a 1099-R that indicates to the IRS the type of transaction reported in that tax year. See below for a chart of common IRS distribution codes found on 1099-R we send to policy owners.
If after reviewing the above terms and definitions and you still have questions or concerns regarding the tax form you may or may not have received, please reference the FAQ applicable to your specific product.
For the fastest access to your tax documents, Equitable strongly recommends logging in to your account through the Equitable Client Portal to retrieve your 1099-R and/or 1099-INT tax forms. These tax documents will be made available online prior to being mailed, which will speed up the completion of your tax return.
1099-R AND 1099-INT TAX FORMS FOR TAX YEAR 2023 WILL BE AVAILABLE ONLINE BY LOGGING INTO THE EQUITABLE CLIENT PORTAL BY AROUND 1PM ON FRIDAY, JANUARY 19TH 2024. PAPER COPIES ARE SENT VIA REGULAR MAIL NO LATER THAN JANUARY 31ST.
FORM 5498
Equitable Financial annuity contract owners who made reportable contributions or rollovers into their IRA contracts in, or for tax year 2023, will receive a Form 5498 in accordance with IRS guidelines. Please note that the IRS allows individuals to make non-rollover contributions to IRAs for 2023 up to the 2024 tax filing deadline, in April 2024. Accordingly, 5498 tax forms are also made available online by logging into our website Equitable Client Portal (Register Here) prior to being mailed to clients in May 2024.
In order to retrieve your documents online, please login to your account online. Tax forms will be loaded under the recent documents section: Documents, statements & tax forms. If you are not registered for Equitable Client Portal, you can register here.
Below are key terms, definitions, and FAQ’s that will facilitate your understanding of the tax forms you have or will receive with respect to your life insurance policy or annuity contract.
TERMS & DEFINITIONS
1099-R Form The tax form used to report taxable transactions for a life insurance policy or annuity (for example, gain on a surrender or certain lapses). It is also used to report dividends earned when the total dividends paid to the owner have exceeded total premiums paid into the policy and used to report charges or payments on qualifying Long Term Care Services Riders and calling out that federal tax rules require insurers to report such amounts, but these amounts are not taxable.
1099-INT Form – The tax form used to report interest credited on dividends left on deposit and interest on death claims.
1099-MISC- The tax form used to report miscellaneous income for a tax year.
Gross Distribution – The total amount of the distribution, withdrawal, surrender, or 1035 exchange to a policy with another company.
Taxable Amount – The total taxable amount of the distribution.
Cost Basis -The contract holder’s investment in the policy (Also called the tax basis), on our records.
1035 Exchange – The exchange of a life insurance policy for another life insurance policy, annuity contract, or qualified long-term care insurance contract issued by another life insurance company qualifies as a 1035 exchange. The exchange of an annuity contract for another annuity contract or qualified long-term care insurance policy is also a 1035 exchange. In most cases, a 1035 exchange transaction is not taxable but is reportable and therefore a 1099-R is issued by the surrendering carrier.
Distribution Codes – The code found in Box 7 of a 1099-R that indicates to the IRS the type of transaction reported in that tax year. See below for a chart of common IRS distribution codes found on 1099-R we send to policy owners.
| IRS DISTRIBUTION CODE | DEFINITION |
| 1 | Early (premature) distribution, no known exception. Code generally is used when the taxpayer is under 59 ½. |
| 6 | Section 1035 Exchange |
| 7 | Normal Distribution in which taxpayer is over 59 ½. |
| W | Charges or payments for purchasing qualified long-term care insurance against the cash surrender value of a life insurance policy |
If after reviewing the above terms and definitions and you still have questions or concerns regarding the tax form you may or may not have received, please reference the FAQ applicable to your specific product.
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When will I receive my 2023 1099-R or 1099-INT tax form?
- 1099-R or 1099-INT tax forms are made available online via Equitable Client Portal by the end of the January each year for the prior tax year.
- We strongly recommend clients to utilize the website to obtain their tax documents to expedite filing their tax returns.
- 1099-R and 1099-INT tax forms are also mailed to clients by the end of January each year for the prior tax year.
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Why did I not receive a 1099-R or 1099-INT tax form for this tax year?
- 1099-R or 1099-INT tax forms are only issued to Equitable Life Insurance policy owners who had a taxable or reportable distribution in the current tax year.
Events that currently cause a taxable or reportable event for a life insurance policy:
- Interest earned on dividend accumulations of $10 or greater (Traditional policies only)
- Interest earned on Paid-In Advance premiums of $10 or greater
- Interest earned on a death claim of $10 or greater and voluntary interest more than $600 per payee
- One of the following events from a policy:
- Surrenders/Policy Maturity
- Policy lapse due to unpaid
loan (loan foreclosure) - Unpaid loans on a policy that was 1035 exchanged to another insurance company
- Amounts forced out of the life insurance policy on certain policy transactions, such as a Face Decrease.
- Certain Partial Withdrawals
- Withdrawals of dividends that exceed the cost basis
- Policy lapse into paid up insurance or extended term (Non-forfeiture option)
- Charges or payments made for qualified long-term care insurance (Long Term Care Rider)
- Certain distributions from a Modified Endowment Contract
- 1099-R or 1099-INT tax forms are only issued to Equitable Life Insurance policy owners who had a taxable or reportable distribution in the current tax year.
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I misplaced my 1099-R or 1099-INT, how can I get another copy of it?
- Tax documents are available online via Equitable Client Portal and can be printed or saved in a PDF format for your convenience.
- If you need to request a duplicate copy of your tax documents from the Life Service Center, they will be available starting February 15, 2024.
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Why did I receive two different 1099-R for the prior tax year?
- Please review the distribution codes found on page two of your Form 1099-R and refer to the distribution code definitions to determine if you requested multiple distributions that are reported differently.
- If multiple financial transactions were processed causing a taxable event for each transaction, multiple 1099s would be generated.
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I temporarily changed my address for mailing purposes as I often travel during the year and/or own a vacation home. However, I am only required to file taxes in my state of residence. Why did Equitable send me a tax form listing a state other than my Resident state?
- Please note that distributions from your Equitable contract will be reported to the State according to the address we have on file for you at the time of the distribution. We encourage you to enroll in our E-Delivery program to receive mailings electronically and to take advantage of our free Electronic Funds Transfer (EFT) service on distributions to avoid unwarranted address changes and the subsequent required tax reporting.
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If I have more than one owner on my policy, who is any tax liability reported under?
- For policies that have joint owners and there is only one check being disbursed that caused the taxable event, any tax liability is reported under the primary owner only and cannot be divided amongst all joint owners.
- If multiple checks are disbursed for the referenced taxable event, then 1099s are split according to how the funds were disbursed.
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What should I do if I believe there is an issue with the 1099-R that I received?
- Please carefully review the above information to ensure your understanding is accurate.
- If, after reviewing all the information found on this website, you believe there may be an issue with a tax form that you did or did not receive, please send your inquiries via fax to (855) 277-6122 or mail to P.O Box 1047 Charlotte, NC 28021-1047 and a member of our team will research your matter and respond promptly. For all inquiries, please include your policy number, your request, any needed paperwork with a physical signature and date, and your preferred delivery method. Corrected tax forms will also be made available via your Equitable Client Portal.
Please note that Equitable Holdings, Inc.’s subsidiaries do not provide tax or legal advice which clients should obtain from an accountant or attorney. We strongly recommend that you consult with a CPA and/or visit the IRS website or visit our FAQ website.
See below for the information provided on your 1099-R
“Equitable” is used throughout this content to refer to Equitable Financial Life Insurance Company (Equitable Financial), NY, NY; Equitable Financial Life Insurance Company of America (Equitable America), an AZ stock company, issuers of life insurance and annuity contracts, depending on the particular contract and its distributor. Distributors: Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI and TN) // Equitable Distributors, LLC. Overall, Equitable is the brand name of the retirement and protection subsidiaries of Equitable Holdings, Inc., including Equitable Financial, Equitable America, and Equitable Distributors, LLC. Equitable Advisors is the brand name of Equitable Advisors, LLC. Equitable Advisors is the brand name of Equitable Advisors, LLC (Equitable Financial Advisors in MI and TN).
GE-6112327.1 (11/2023) (Exp. 11/2025)