Annuity FAQs - Taxes

When are tax forms mailed to the contract owner?

Fair Market Value Statements are mailed by January 31.
IRS Forms 1099R are mailed by January 31.
IRS Forms 5498 are mailed by May 31.

Are distributions from an annuity contract taxable?

Note: The Savings Bank Life Insurance Company does not provide tax advice. Please consult with your tax advisor, preparer or attorney for information regarding your annuity contract and specific situation.

In general -

Distributions from IRA annuity contracts are reported as taxable distributions.
Distributions from nonqualified annuity contracts are reported as taxable distributions on the amount withdrawn that is attributable to interest earnings.