One of the benefits of an annuity is that earnings generally accrue on a tax-deferred basis. Explore our Tax Center for all the information you need on taxes and your annuity contract.

Depending on the type of contract you own, a withdrawal, or certain other transactions, may subject you to tax on all or a portion of those earnings. Insurers are required to report certain transactions to the IRS on Form 1099-R.

Non-qualified annuity contracts
 

  • A withdrawal of earnings (but not principal) is tax reportable and taxable at ordinary income rates. 
  • If money is transferred directly to another insurance company as part of an exchange of contracts under Section 1035 of the Internal Revenure Code, the transaction is reportable even though it is not subject to tax.

Qualified annuity contracts 

  • Withdrawals are generally tax reportable and taxable at ordinary income rates.
  • Withdrawals transferred directly to other qualified annuity contracts or qualified plans may or may not result in a tax-reportable event.

Not sure if John Hancock will report a withdrawal?
Click here to view a chart of withdrawal events and their subsequent tax consequences.


Keep your information current

It's important to keep your contact information current so you can receive tax forms
on time. To update your address, click here to download and return a change of address form.


In order to comply with federal requirements to obtain certified tax identification information, John Hancock requests that you complete and submit the most recent version of
IRS Form W-9 or, if applicable, IRS Form W-8BEN, if you have not done so already.
 


Know your state tax withholding rules

State tax withholding rules vary by state. Please speak with a qualified tax professional or visit your state's Department of Revenue website for information specific to your state.
If you move to a new state, please note that different tax withholding may be required
for that state.



Click on the various tabs in the Tax Center to learn about:

  • IRS Form 1099-R
  • IRS Form 5498
  • Required Minimum Distributions (RMDs)
  • Other general tax information

 

When considering an annuity for use in an IRA or other tax-qualified retirement plan (i.e., 401(k), 403(b), 457), it is important to note that there is no additional tax-deferral benefit, since these plans are already afforded tax-deferred status. Thus, an annuity should only be purchased in an IRA or qualified plan if some of the other features of the annuity are of value, such as access to specific portfolio choices, the ability to have guaranteed payments for life and other guaranteed benefits, and you are willing to incur any additional costs associated with the annuity to receive such benefits. See the prospectus for details.

Neither John Hancock Life Insurance Company (U.S.A.), John Hancock Life Insurance Company of New York, John Hancock Distributors LLC, nor any of their representatives provide tax, accounting, or legal advice. Any tax statements contained herein were not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal, state, or local tax penalties. Please consult your own independent advisor as to any tax, accounting, or legal statements made herein.

MLINY013018168

Important Dates
to Remember
Mark these dates down on your calendar to best prepare for
tax season:

By January 31, 2019:
IRS Form 1099-R is mailed
by John Hancock.

April 15, 2019:
Tax returns are due.
Deadline for IRA/Roth
contributions for 2017.

By May 31, 2019:
IRS Form 5498 is mailed
by John Hancock.
Request Tax Forms

Please click here to request that an IRS Form 1099-R or 5498 from a previous tax year be sent to your address of record.

Please note alternative delivery methods are not available via an online request for a duplicate tax form. IRS Form 1099-R is only provided if you took a withdrawal during the tax year.

      US Division:  Please visit www.johnhancock.com for additional information on the company and other products John Hancock offers.

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John Hancock Annuities are issued by John Hancock Life Insurance Company (U.S.A.), Lansing, MI 48906, which is not licensed in New York. In New York, John Hancock Annuities are issued by John Hancock Life Insurance Company of New York, Valhalla, NY 10595. John Hancock Variable Annuities are distributed by John Hancock Distributors LLC, member FINRA.