2019 Tax Year Overview

1099-R AND 1099-INT TAX FORMS FOR TAX YEAR 2019 WILL BE AVAILABLE ONLINE BY LOGGING INTO YOUR EQUITABLE ONLINE ACCOUNT ON OR ABOUT THE THIRD WEEK OF JANUARY 2020.

AXA Equitable Life Insurance and Annuity policy owners, who had a taxable or reportable transaction in 2019 (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 your Equitable online account (Register or Login Here) and mailed to clients by the end of the January following the tax year that just ended. AXA Equitable strongly recommends going to your Equitable online account to retrieve your 1099-R and/or 1099-INT tax forms as they will be made available online prior to the mailing and will expedite the process of filing your tax return.

1099-R AND 1099-INT TAX FORMS FOR TAX YEAR 2019 WILL BE AVAILABLE ONLINE BY LOGGING INTO YOUR EQUITABLE ONLINE ACCOUNT ON OR ABOUT THE THIRD WEEK OF JANUARY 2020.

AXA Equitable annuity contract owners who made reportable contributions or rollovers into their IRA contracts in or for tax year 2019 will receive a Form 5498 in accordance with IRS guidelines for tax reporting purposes. Please note that the IRS allows individuals to make non-rollover contributions to IRAs for 2019 up to April 15th, 2020. Accordingly, 5498 tax forms are also made available by logging into your Equitable online account (Register Here) prior to being mailed to clients in May 2020.

In order to retrieve your documents online, please login to your account online and enroll in eDelivery of Tax Forms. Tax forms will be loaded under the eStatements tab. If you are not registered for your Equitable online account, 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 AXA Equitable Life Insurance policy.

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.

1099-INT Form – The tax form used to report interest credited on dividends left on deposit and interest on death claims.

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 life insurance policy or annuity for another life insurance policy or annuity issued by another life insurance company.  The exchange of a life insurance policy for an annuity contract or 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.

AXA Equitable Life Insurance Company, NY, NY (AXA Equitable). Distributors: AXA Advisors, LLC // AXA Distributors, LLC.  AXA Advisors (member FINRA, SIPC), AXA Distributors and AXA Equitable are affiliated companies and do not provide legal or tax advice.

Notes:

GR Tax Micro-Site: https://equitable.com/taxes

GE-2817603 (11/2019) (Exp. 11/2021)