Tax FAQs
Below you’ll find several of the most frequently asked tax questions. For additional help, please contact our Client Communications team by email or phone at (877) 872-0757.
When will I get my 1099?
As required by the IRS, 1099 forms must be mailed by January 31. We cannot provide a copy prior to that date based on how we are required to report this information.
Why did I get a 1099-R?
A 1099-R indicates that the payee on the form received a reportable distribution from an insurance or annuity contract.
Why did I get a 1099-INT?
A 1099-INT reports interest payments aggregating of $10 or more which are paid on dividends left with the company to accumulate, life insurance and annuity contract death claims. This form also reports interest payments of $600 or more on delayed death benefits.
What is my tax amount for the year?
That depends on the form. For a 1099-INT the amount shown in Box 1 on the form is the taxable amount. For a 1099-R generally the amount shown in Box 2a is the taxable amount.
What if the amount on my form is incorrect?
Please contact a customer service representative to assist you.
What if I didn't receive my tax form?
Not all transactions are taxable. Please contact a customer service representative to assist you.
When I cancelled my policy, it was done as a 1035 tax-free exchange to another company. Why did I get a 1099?
In box 2a, the taxable amount should be blank. In box 7, the distribution code should be 6. This means the exchange was not taxable, however, the exchange is reportable. You may see a taxable amount if the policy has an outstanding loan at the time of the exchange.
Is my loan or partial withdrawal taxable?
This depends on the tax status of the policy. Please hold for a custom service representative to assist you.
I have more than one policy, but only received one 1099, why?
We send one 1099 for each social security number per distribution code.
Neither North American nor its agents give legal or tax advice. Please consult with and rely on a qualified legal or tax advisor before entering into or paying additional premiums with respect to such arrangements.