2018 Taxes Overview

1099-R TAX FORMS FOR TAX YEAR 2018 WILL BE AVAILABLE ONLINE BY LOGGING INTO MYAXA ON OR ABOUT 1/18/2019

AXA Equitable annuity contract owners who took a taxable or reportable withdrawal, rollover or made an “outbound 1035 Exchange” in tax year 2018 will receive a Form 1099-R in accordance with IRS guidelines for tax reporting purposes. Form 1099-R tax forms will be made available online by signing into myAXA (Register Here) on or about January 18th, 2019. They will be mailed to clients by January 31st, 2019. AXA Equitable strongly recommends signing online to our website myAXA to retrieve 1099-R tax forms as they will be made available online prior to the mailing and will expedite the process of filing your tax return.

In order to retrieve your documents online, please login to your account online and enroll in eDelivery of Tax Forms. Tax forms will be loaded under the eStatements tab. If you are not registered for myAXA, you can register here.

AXA Equitable annuity contract owners who made reportable contributions or rollovers into their IRA contracts in or for tax year 2018 will receive a Form 5498 in accordance with IRS guidelines for tax reporting purposes. Please note that the IRS allows individuals to make non-rollover contributions to IRAs for 2018 up to April 15th, 2019. Accordingly, 5498 tax forms are also made available online by logging into our website myAXA (Register Here) prior to being mailed to clients in May 2019.

FAQs

  • 1099-R tax forms are made available online by logging into our website myAXA (Register Here) on or about January 18th. 1099-R tax forms will be mailed by January 31st.
  • We strongly recommend that clients utilize the website to obtain their tax documents to expedite filing their tax return.
  • The IRS allows individuals to make non-rollover contributions to IRAs for a tax year up to into April of the following calendar year.
  • Accordingly, 5498 tax forms are made available online by logging into our website myAXA (Register Here) in May of each year for the prior tax year.
  • 5498 tax forms are also mailed to clients in May, shortly after being made available online, for the prior tax year.
  • 1099-R tax forms are only issued to AXA Equitable annuity contract owners who had a taxable or reportable distribution in 2018.
  • AXA Equitable does not issue a Form 1099-R to Non-Qualified annuity contract owners whose total distributions came from cost basis, as that is not considered taxable.
  • AXA does not handle tax reporting on distributions from contracts that are owned by a Custodian or Qualified Plan. Please contact your Custodian or Plan Administrator for tax reporting questions.
  • Partial withdrawal
  • Contract surrender
  • Systematic withdrawal option
  • Required minimum distribution
  • 72(t) or 72(q) penalty exception distribution
  • Payment of death claim
  • Payment related to divorce transaction
  • 403(b) plan TSA contract loan default
  • Outbound 1035 exchange
  • Direct rollover (reportable, but not taxable)
  • Conversion to a Roth IRA
  • Refund of excess contribution
  • No withdrawal was made during the year
  • Direct Transfers
  • Withdrawal did not include a taxable amount
  • Purchase of Service Credits from 403(b) plan TSA contract
  • Tax documents are available online by logging into our website myAXA (Register Here) and can be printed or saved in a PDF format for your convenience.
  • Please review the distribution codes found on the two 1099-R’s and refer to the distribution code definitions to determine if you requested multiple distributions that are reported differently.
  • Life events such as obtaining age 59½ or moving to a different state can lead to multiple 1099-R’s being generated.
  • Since these distributions are only allowed for clients that are over age 70½, the distribution codes is 7 on the 1099-R form. You will need to report your eligibility for the exclusion on your tax return. Please see your tax advisor for advice.
  • Please carefully review the above information regarding tax distribution codes and tax consequences of certain types of distributions to ensure your understanding is accurate.
  • AXA Equitable may not have been provided complete cost basis information from a previous carrier if funds were received via a 1035 Exchange. If that is the case, distributions from the AXA Equitable annuity contract could be reported as “taxable amount not determined” until we are furnished with cost basis information from the previous carrier. Please contact your previous carrier and request them to send the cost basis information to our office. Our mailing address can be found by clicking on the product you own on our "Contact Us" webpage: https://us.axa.com/contact-us.html
  • Appropriate documentation must be provided to AXA Equitable at the time of a distribution to qualify for certain exceptions, such as disability.


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If after reviewing all information found on this website, you feel the tax document you received is incorrect, or your tax form was never received, please send your inquiry through our online request form and a member of our team will research your matter and respond promptly:

Accumulator, Retirement Cornerstone, SCS and Investment Edge Contracts:
https://us.axa.com/annuities/accumulator/service/request.html

EQUI-Vest Contracts:
https://us.axa.com/annuities/equivest/service/request.html

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Terms & Definitions

Non-Qualified Funds – An annuity contract that is not being used to provide benefits under a tax-qualified or tax-favored retirement plan or arrangement. Taxable gain is typically the difference between the annuity contract value and the cost basis at the time of a transaction.

Cost Basis – Total principal contributed into a Non-Qualified annuity contract and not included in taxable income on surrender or when considered withdrawn.

Direct Transfer – Transfer of amounts from a tax-qualified or tax-favored retirement plan or arrangement directly to another tax-qualified or tax-favored retirement plan or arrangement of the same type, for example, 403(b) plan TSA annuity contract to 403(b)(7) custodial account, or Roth IRA to Roth IRA. This transaction is not taxable or reportable and therefore a Form 1099-R is not issued.

1035 Exchange – For annuity contract purposes, exchange of a Non-Qualified annuity contract for another Non-Qualified annuity contract, or exchange of a life insurance policy for a Non-Qualified annuity contract, under federal income tax rules, including carryover of cost basis which is to be provided to the new insurance company by the surrendering insurance company. This transaction is not taxable but is reportable and therefore a Form 1099-R is issued by the surrendering insurance company.

Distribution Codes – Code found in Box 7 of Form 1099-R that indicates to the IRS the type of transaction reported in that tax year. See the distribution codes on pages 16-18 of the 2018 Instructions for Forms 1099-R and 5498 using this, https://www.irs.gov/pub/irs-pdf/f1099r.pdf , or looking for “Forms and Publications” on www.irs.gov. For your convenience below is a chart of common IRS distribution codes found on the AXA Equitable Form 1099-R.

IRS DISTRIBUTION CODE DEFINITION
1 Early (premature) distribution, no known exception. Code generally occurs when the taxpayer is under 59 ½.
2 Use if the owner has not reached age 59 ½ to indicate that an exception applies under section 72(t). Use to report a Roth Conversion if the participant is under 59 ½.
3 Disability
4 Death
6 Section 1035 Exchange
7 Normal Distribution in which taxpayer is over 59 ½. Use to report a Roth Conversion if the taxpayer is over age 59 ½.
8 Refund of excess contribution plus earnings before tax filing deadline.
G Direct rollover of a distribution to a qualified plan, a section 403(b) plan, a governmental section 457(b) plan or an IRA.
J Early distribution from a Roth IRA, no known exception (in most cases, under age 59 ½).
L Loan treated as a distribution (TSA loan default).
Q Qualified distribution from a Roth IRA.
R Recharacterized IRA contribution made for 2017 and recharacterized in 2018.
T Roth IRA distribution, exception applies.


Please be advised that this document is not intended as legal or tax advice. Accordingly, any tax information provided in this document is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. The tax information was written to support the promotion or marketing of the transaction(s) or matter(s) addressed and you should seek advice based on your particular circumstances from an independent tax advisor.

"AXA" is the brand name of AXA Equitable Financial Services, LLC and its family of companies, including AXA Equitable Life Insurance Company (NY, NY) and AXA Advisors, LLC. The obligations of AXA Equitable Life Insurance Company are backed solely by their claims paying ability. AXA Equitable Life Insurance Company, AXA Distributors, LLC and AXA Advisors, LLC are all located at 1290 Avenue of the Americas, NY, NY 10104 and do not provide tax or legal advice.

GE-2330645 (12/18) (Exp. 12/20)

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