I contributed funds to my IRA with the intention of attributing them to the prior year. Why was this not done?
We assume that your contribution is for the current year, unless you inform us that it is intended for the prior year. You can still attribute your contribution to the prior year (if the contribution is made by April 15 of this year) on your tax return, but it's a good idea to contact us so that we can send you a revised Form 5498 for your records.
Why didn't I receive a tax form for my IRA transfer?
The IRA transfer is a nonreportable event.
I am on disability. Why wasn't an exception distribution code reflecting this on my tax form?
The Prudential division that handles your contract does not code for disability on the tax form. You can instead complete IRS Form 5329 when you submit your income tax return.
What does the distribution code on my 1099-R tax form mean?
The distribution code indicated on the form identifies its characteristics. For example, a Code 1 indicates a premature taxable distribution that may be subject to an additional 10 percent tax. A Code 4 indicates it is a death benefit. A full description of all distribution codes is listed on the back of the form you receive.
When are tax forms mailed, and do I receive one every year?
We anticipate mailing these forms at the end of January. The type of account you have and the activity in your account will determine which tax forms, if any, you will receive. A tax form will be generated if you make a transaction or if you receive more than $10 in dividends and/or capital gains distributions.
When will I receive a tax form to report my IRA contribution?
You will receive a Form 5498 by May 31 if you make a contribution into a traditional IRA, Roth IRA, or SEP.
When will I receive a tax form to report my Coverdell Education Savings Account Information?
You will receive a Form 5498-ESA in May.
What is the deadline for contributions to a Coverdell Education Savings Account for last year?
I received a Form 1099-DIV for my non-IRA investments, but not for my IRA. Why is that?
The Form 1099-DIV is used to report taxable dividends and capital gains paid on non-retirement accounts. Since capital gains and dividends paid to IRA accounts are tax-deferred, they do not generate reporting. A Form 1099-R will be mailed to you only when you receive a cash distribution from your IRA(s).
How should I report the amounts from the tax forms on my personal income tax form?
Please visit the Tax Form Instructions section for more information on reporting your income. For more assistance, we suggest that you seek the advice of your financial professional or tax advisor. You can also contact the Internal Revenue Service at 1-800-829-1040.
I am 55 years old and my company is going through a downsizing. I am thinking about retiring. What options and/or drawbacks are there to accessing my annuity contracts for income needs?
Most distributions of earnings from an annuity prior to age 59½ are subject not only to ordinary income tax, but also to a 10 percent tax penalty for early withdrawal. However, there are ways to take distributions (generally based on life expectancies) that can satisfy your income needs and still avoid the tax penalty.
We assume that your contribution is for the current year, unless you inform us that it is intended for the prior year. You can still attribute your contribution to the prior year (if the contribution is made by April 15 of this year) on your tax return, but it's a good idea to contact us so that we can send you a revised Form 5498 for your records.
Why didn't I receive a tax form for my IRA transfer?
The IRA transfer is a nonreportable event.
I am on disability. Why wasn't an exception distribution code reflecting this on my tax form?
The Prudential division that handles your contract does not code for disability on the tax form. You can instead complete IRS Form 5329 when you submit your income tax return.
What does the distribution code on my 1099-R tax form mean?
The distribution code indicated on the form identifies its characteristics. For example, a Code 1 indicates a premature taxable distribution that may be subject to an additional 10 percent tax. A Code 4 indicates it is a death benefit. A full description of all distribution codes is listed on the back of the form you receive.
When are tax forms mailed, and do I receive one every year?
We anticipate mailing these forms at the end of January. The type of account you have and the activity in your account will determine which tax forms, if any, you will receive. A tax form will be generated if you make a transaction or if you receive more than $10 in dividends and/or capital gains distributions.
When will I receive a tax form to report my IRA contribution?
You will receive a Form 5498 by May 31 if you make a contribution into a traditional IRA, Roth IRA, or SEP.
When will I receive a tax form to report my Coverdell Education Savings Account Information?
You will receive a Form 5498-ESA in May.
What is the deadline for contributions to a Coverdell Education Savings Account for last year?
You can make contributions until your tax return due date without extensions (generally April 15), of the following year. You must inform us if you make a contribution from January 1 through April 15 and want it applied to the prior year. The contribution limit is currently $2,000 but is scheduled to reduce to $500 unless Congress acts to extend or make permanent the higher annual contribution limit.
I received a Form 1099-DIV for my non-IRA investments, but not for my IRA. Why is that?
The Form 1099-DIV is used to report taxable dividends and capital gains paid on non-retirement accounts. Since capital gains and dividends paid to IRA accounts are tax-deferred, they do not generate reporting. A Form 1099-R will be mailed to you only when you receive a cash distribution from your IRA(s).
How should I report the amounts from the tax forms on my personal income tax form?
Please visit the Tax Form Instructions section for more information on reporting your income. For more assistance, we suggest that you seek the advice of your financial professional or tax advisor. You can also contact the Internal Revenue Service at 1-800-829-1040.
I am 55 years old and my company is going through a downsizing. I am thinking about retiring. What options and/or drawbacks are there to accessing my annuity contracts for income needs?
Most distributions of earnings from an annuity prior to age 59½ are subject not only to ordinary income tax, but also to a 10 percent tax penalty for early withdrawal. However, there are ways to take distributions (generally based on life expectancies) that can satisfy your income needs and still avoid the tax penalty.
Why do I have a capital gains distribution when my fund value is down?
Realized capital gains must be distributed to mutual fund shareholders. Unrealized losses on assets held by the fund cannot offset realized gains.
0169193-00004-00 Ed. 3/2011