Tax Statement Frequently Asked Questions
General Tax Correspondence
Allianz Life Insurance Company of New York (Allianz Life of NY), its affiliated companies, and their representatives and employees do not provide legal or tax advice. We encourage you to consult your tax and/or legal professional with any tax- or legal-related questions.
We will mail IRS Forms 1099-R and 5498 by January 31, 2025. Please allow 5-7 business days to receive your tax forms(s) by mail. After January 31, you can check to see if your tax forms are also available online by registering or logging in to your account and going to “Current Statements.” Please note that online tax forms under “Current Statements” are not available for some clients. Allianz Life of NY does not issue any tax reporting for custodial IRAs or contracts owned by qualified retirement plans such as pension plans, Keogh plans, 401(k) plans, or defined benefit plans.
We will mail Form 1099-R by January 31, 2024. After January 31, you can check to see if your Form 1099-R is also available online by registering or logging in to your account and going to “Current Statements.” Please note that online tax forms under “Current Statements” are not available for some clients.
We will mail Form 5498 by January 31, 2025. After January 31, you can check to see if your Form 5498 is also available online by registering or logging in to your account and going to “Current Statements.” Please note that online tax forms under “Current Statements” are not available for some clients.
IRS Form 1099-R
Allianz Life Insurance Company of New York (Allianz Life of NY), its affiliated companies, and their representatives and employees do not provide legal or tax advice. We encourage you to consult your tax and/or legal professional with any tax- or legal-related questions.
A Form 1099-R is used to report transactions that occur between January 1 and December 31 of the previous tax year from financial products such as life insurance or annuities. These transactions typically include, but are not limited to:
- Distributions (e.g., Required Minimum Distributions (RMDs), loans from nonqualified annuities, full or partial surrenders, annuitization payments, and annuity claim proceeds).
- Collateral assignments or taxable ownership changes on nonqualified annuities.
For a nonqualified annuity, Allianz Life of NY did not receive the after-tax contribution (cost basis) information from the previous company. Please consult a tax professional to determine this amount.
This box is also generally checked for a distribution from an IRA (Traditional, SEP, SIMPLE or Roth). If you have made any nondeductible contributions to an IRA, you should consult your tax professional to determine how much of the IRA distribution should be reported as taxable income. The IRS instructions require reporting on IRS Form 1099-R in this manner.
If you received distributions from multiple contracts, you will get a Form 1099-R for each contract. Please refer to the “Account number” box on the Form 1099-R.
The IRS requires the use of specific distribution codes for different types of distributions which need to be reported separately. See your Form 1099-R instructions regarding Box 7 for IRS distribution code information.
If you had a taxable distribution in more than one resident state in a calendar year, a separate Form 1099-R would generate for the distribution amount received while a resident of each state.
If Allianz Life of NY did not receive IRA transfer paperwork and a letter of acceptance from the other company, even if the check was made payable to the other company, we report the transaction on Form 1099-R because we do not have confirmation that the distribution went directly into an IRA at another company. If the distribution did go directly into an IRA at another company, please provide us with confirmation of this from the receiving company.
If you perform an eligible 60-day rollover (indirect rollover), the IRS Form 5498 from the receiving company should report the receipt of the indirect rollover contribution. You should consult a tax professional for information on the proper income tax reporting of an indirect rollover from an IRA.
Reminder: If you complete an IRA-to-IRA indirect rollover, you generally cannot, within a 12-month period from the date you received the distribution, make another indirect rollover of a distribution from any of your IRAs to another IRA.
A loan from a nonqualified annuity is considered a taxable event (if there were gains in the contract up to the amount of the loan), even if it was paid back in the same year. Your cost basis has been increased to the extent of any gain reported on Form 1099-R as taxable, so you will not be taxed on this amount twice.
If you defaulted on loan payments from a 403(b) contract, the remaining loan balance is reported as taxable; however, the loan is still outstanding.
The total distribution amount will be reported in Box 1 (Gross distribution), the taxable portion of the distribution will be reported in Box 2a (Taxable amount), and the non-taxable portion of the distribution [the portion attributable to any after-tax contribution (cost basis)] will be reported in Box 5.
A section 1035 exchange is reportable, but not taxable. The Form 1099-R is the supporting document to show the amount of gains and the cost basis amount, if known, that were sent to the other company. Box 2a will be 0.00 to show that this is a non-taxable transaction.
IRS Form 5498
Allianz Life Insurance Company of New York (Allianz Life of NY), its affiliated companies, and their representatives and employees do not provide legal or tax advice. We encourage you to consult your tax and/or legal professional with any tax- or legal-related questions.
As the issuer of the Individual Retirement Annuity (IRA), we are required to provide you and the IRS information on your contract annually. IRS Form 5498 is used for reporting IRA contribution information, such as contributions and rollovers to Traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs. Form 5498 is also used to report the year-end Fair Market Value information for your annuity. This form is for your records only and does not need to be attached to your submitted income tax return. The information on the form will be furnished to the IRS by the required due date.
Money that was sent directly from one IRA into another IRA is considered a transfer. A transfer is not reported on Form 5498. The transfer amount is added into your Fair Market Value in Box 5. Since a transfer is also not reported on an IRS Form 1099-R, you should not receive a 1099-R from the previous company for a transfer.
An IRA-to-IRA indirect rollover occurs when money is received by you from one IRA and redeposited into another IRA within 60-days of receipt of the funds. You should receive a Form 1099-R from the distributing company. Allianz Life of NY reports any amount that it receives via this method in Box 2 (Rollover Contributions) on Form 5498. If any portion of this distribution is not redeposited within 60-days, this portion will be considered taxable and no longer qualifies as a rollover contribution.
Reminder: If you complete an IRA-to-IRA indirect rollover, you generally cannot, within a 12-month period from the date you received the distribution, make another indirect rollover of a distribution from any of your IRAs to another IRA.
Any employer contributions will show as SEP IRA contributions. Employer contributions to a SEP IRA will be reported in Box 8. Any Traditional IRA contributions you make directly to the SEP IRA will be reported in Box 1. Employer contributions are required to be reported on the form for the year the contributions are received. Traditional contributions are reported on the form for the year for which the contributions were made.
The general limit – the most that can be contributed to your Traditional IRA and/or Roth IRA – is the lesser of the following amounts: $7,000.00 ($8,000.00 if you are age 50 or older) or your earned income for the year. Please consult a tax professional on specifics regarding contributions for Traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs.
If your Traditional or Roth IRA contract allows for additional premium, your contribution must be sent to a company-approved mailing address and postmarked by the due date for filing your return for that year, not including extensions. For most individuals, contributions for 2024 must be postmarked no later than April 15, 2025. This date is always subject to change by the U.S. Department of the Treasury; we encourage you to speak with your tax professional if you have questions about your due date.
An IRA contract must be established by the 2024 tax filing deadline (without extensions) for a contribution to be reported as a contribution on a 2024 IRS Form 5498. This means, for most individuals, a pending IRA contract must be issued no later than April 15, 2025 for a contribution to be reported as a contribution for 2024.
If you have more than one Allianz Life of NY contract, please verify that you have specified the correct contract number. Allianz Life of NY does not accept starter checks. If you would like your contribution to be recorded for the 2024 tax year, please write “2024 contribution” on your check or in a letter of instruction. If “2024 contribution” is not on your check or letter of instruction, we will apply the money as a 2025 contribution. If you make a contribution for 2024 between January 1, 2025 and the April 15, 2025 tax return due date, your 2024 IRS Form 5498 will be updated to reflect the new contribution amount and will be mailed to you by May 31, 2025.
SEP IRA contributions Allianz receives in 2025 will be reported on the 2025 Form 5498, even when the employer deducts the SEP contribution on their 2024 tax return. Please consult a tax professional for any questions related to this reporting.
As an issuer of the Individual Retirement Annuity (IRA), we are required to provide you and the IRS information on the contract annually. This is required even after annuity payments have begun. Typically, the Fair Market Value (FMV) in box 5 is the only information provided.
Once your contract is annuitized, each annuity payment is considered your Required Minimum Distribution (RMD).
Yes. SECURE 2.0 Act allows any excess RMD from the annuity payments to be applied toward any RMD due from other IRAs you may own. Please see your tax professional if you have questions on using any excess RMD from your annuity payments toward RMD for other IRA contracts you may own.
If box 11 is checked on IRS Form 5498, then you are required to take an RMD from your contract. An RMD may be required even if the box is not checked, such as from an (Inherited IRA). You can also ask your tax professional if an RMD is required from your contract.
Note: As part of SECURE 2.0 Act of 2022, signed into law on December 29, 2022, the RMD age has changed for people who were born in 1951 or later. For those born in 1951 through 1959, their first RMD will not be due until they turn age 73. For those born in 1960 or later, their first RMD will not be due until they turn age 75.
If you have registered for an online account, this information can be found by logging in to our secured website. Once logged in, go to “My Policy,” select “Overview & Values,” and scroll down to “Required Minimum Distribution Values” section. If the “Scheduled RMD” indicates “No,” then RMD payments have not been set up on the contract being viewed.
If you have an RMD due in 2025, an RMD Election Form can be completed and submitted to us by mail or fax. The mailing address and fax number are provided on the form for your convenience. The RMD Election Form is provided below under the section titled “Forms.”
If you have registered for an online account, you may have the ability to request RMD payments online by logging in to your secure account through our website. Under “My Policy,” select “Withdrawal Funds,” select “Start,” select “Setup RMD payment schedule,” and follow the prompts to complete the request.
If you have an RMD due from an Inherited IRA and you are not currently set up for RMD payments, a Beneficial/Inherited IRA RMD Election Form can be completed and submitted to us by mail or fax. The mailing address and fax number are provided on the form for your convenience.
You can also reach out to your financial professional to assist you in setting up RMD.
If the qualified contract owner died on or after their Required Beginning Date (RBD), then you will need to take an RMD in 2025. If you are not already set up on RMD payments, you will need to request RMD payments starting in 2025. This can be done by completing the Five or Ten Year Deferral Withdrawal Form. The mailing address and fax number are provided on the form for your convenience.
Required minimum distribution (RMD)
- Fixed annuity – RMD request
- Variable Annuity – RMD request (contracts that begin with V)
- Variable Annuity – RMD request (contracts that begin with A, D, or G)
