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To enter your rollover:
Section 1035 exchange. A tax-free section 1035 exchange is the exchange of:
(a) a life insurance contract for another life insurance contract, or for an endowment or annuity contract, or for a qualified long-term care insurance contract; or
(b) a contract of endowment insurance for another contract of endowment insurance that provides for regular payments to begin no later than they would have begun under the old contract, or for an annuity contract, or for a qualified long-term care insurance contract; or
(c) an annuity contract for an annuity contract or for a qualified long-term care insurance contract; or
(d) a qualified long-term care insurance contract for a qualified long-term care insurance contract.
A contract shall not fail to be treated as an annuity contract or as a life insurance contract solely because a qualified long-term care insurance contract is a part of or a rider on such contract. However, the distribution of other property or the cancellation of a contract loan at the time of the exchange may be taxable and reportable on a separate Form 1099-R.
These exchanges of contracts are generally reportable on Form 1099-R. However, reporting on Form 1099-R is not required if
(a) the exchange occurs within the same company,
(b) the exchange is solely a contract for contract exchange, as defined above, that does not result in a designated distribution, and
(c) the company
maintains adequate records of the policyholder's basis in
the contracts.
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