IRS Form 1099-R Frequently Asked Questions

What is an IRS 1099-R? When is a 1099-R issued? When is a 1099-R not required? How can I tell if I should receive a 1099-R form? When will I receive my 1099-R form in the mail? Can I access my 1099-R form online? My qualified account has an outside custodian. Who issues my 1099-R? Will I receive a tax form for a 1035 exchange? Will I receive a 1099-R for an IRA-to-IRA transfer? How do I read my 1099-R?     What is an IRS 1099-R? An IRS Form 1099-R is a tax form used for reporting distributions from both qualified and non-qualified annuity contracts. It will report gross distributions, taxable amount, and federal income tax withheld for all the distributions that took place in the previous calendar year. Gross distributions include partial and full withdrawals and 1035 exchanges and rollovers.   When is a 1099-R issued? We issue Form 1099-R for any reportable distribution or deemed distribution of $10 or more. A 1099-R may also be issued for certain taxable transfers of ownership. No 1099-R is issued for a non-taxable transfer of contract ownership to a spouse or to a former spouse incident to a divorce. However, please note that a distribution from an annuity contract will be reported as income to the contract owner, even if the distribution is paid to the owner’s spouse or former spouse as part of a divorce settlement. If you would like to transfer the ownership of your annuity contract, please consult a tax professional regarding the tax implications of your specific circumstances.   When is a 1099-R not required? A 1099-R is not required if there were no distributions from the contract during the previous tax year, or if only principal (tax cost basis) was withdrawn from the contract in the previous tax year.   How can I tell if I should receive a 1099-R form? A qualified tax professional will be able to tell you which, if any, of your withdrawals in the previous tax year should be reported on a 1099-R form. Your withdrawal information is available on the Contract Details page of your online account. Register or log in to your account from the www.jhannuities.com homepage Select “My Contract” on left menu Scroll down to the Contract Specifications section to view withdrawals and filter the transaction type and date range as necessary   When will I receive my 1099-R form in the mail? The IRS deadline to distribute 1099-R forms is January 31. We issue the forms throughout the last week of January. Residents of the United States should expect to receive their 1099-R forms by February 10.   Can I access my 1099-R form online? You can now access your 2019 IRS Form 1099-R in your online account portal. Log in to your account to download your form under the My Contracts tab in the Tax and Contract Documents section. If you do not have an online account, click on the Register Now! Link in the upper right-hand side of this page to register. Please note that while your 2019 IRS Form 1099-R is now available online, you will still receive a hard copy in the mail. Currently, an option to elect to receive your form online ONLY is not yet available.   My qualified annuity contract has an outside custodian. Who issues my 1099-R? The custodian is responsible for any reporting requirements and must produce a 1099-R if a distribution is taken or another reportable transaction occurs.   Will I receive a tax form for a 1035 exchange? You will receive a 1099-R to report a 1035 exchange to another insurance company. However, a 1035 exchange is not a taxable event. All 1035 exchanges made to another insurance company are reportable and the distribution code of '6' on the tax form indicates to the IRS that it was a tax-free 1035 exchange. If you received any distribution as part of the exchange, the distribution is taxable to the extent of gain accumulated in the exchanged contract and will be reported on a separate 1099-R.   Will I receive a 1099-R form for an IRA-to-IRA transfer? No, there is no requirement to file a Form 1099-R to report a direct trustee-to-trustee transfer from one traditional IRA to another.   How do I read my 1099-R? Please click here to access a reference guide for reading your 1099-R.   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. This material does not constitute tax, legal or accounting advice and neither John Hancock nor any of its agents, employees or registered representatives are in the business of offering such advice. It was not intended or written for use and cannot be used by any taxpayer for the purpose of avoiding any IRS penalty. It was written to support the marketing of the transactions or topics it addresses. Comments on taxation are based on John Hancock’s understanding of current tax law, which is subject to change. Anyone interested in these transactions or topics should seek advice based on his or her particular circumstances from independent professional advisors. MLINY013018168

Helpful Links IRS Form 1099-R Guide 2022 Tax Guide IRS Website Request tax forms Please click here to request that an IRS Form 1099-R 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.