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ccpillow
Returning Member

Will I receive a tax form for a surrendered annuity account if the check shows taxes were withheld? The account had a $507 balance and surrendered after age 59.5.

A confirmation notice came with the check when I closed out the annuity.  It showed the amount of federal and state taxes withheld from the payment. Should I receive a tax form from the company?

2 Replies
dmertz
Level 15

Will I receive a tax form for a surrendered annuity account if the check shows taxes were withheld? The account had a $507 balance and surrendered after age 59.5.

If taxes were withheld, the annuity company is required to send you a Form 1099-R reporting the distribution and tax withholding.  The company has until January 31 to send you the Form 1099-R.

anthonett4365
New Member

Will I receive a tax form for a surrendered annuity account if the check shows taxes were withheld? The account had a $507 balance and surrendered after age 59.5.

Yes partly, do I have to report this lump sum amount, since the Finance Company has taken out withholding and surrender charges at the time of Payout
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