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The new owner of the policy will be the one to get the 1099-R tax form for the value received. This does not mean that they will have to pay tax on the amount received just that the amount is being reported to the IRS. Because it is being reported to the IRS you will have to report it on you income tax return as well. Depending on the circumstances, some, all, or none of the amount reported may be taxable. It needs to be addressed or the IRS will assume it to be fully taxable.

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Q: Who gets the 1099-R on Life insurance ownership change for value received?
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What is the tax id of DANA Retiree VEBA Trust?

Tax identification numbers are the same as social security numbers for individuals. If you have any business having them then they will send it to you on your 1099R form or whatever form you are entitled to have. The only use someone can have for this type of number if fraudulent, and if you have a legitimate reason for such a number the company will give it to you.


Is there a limit as to how many saving account a person can have?

No, you may have as many savings accounts as you wish, unless the bank you have accounts with restrict how many you may have, such as promotional interest rate savings accounts or poor banking history with that bank (Reg. D violations). However, you may open as many accounts as you wish, but that doesn't necessary mean they all will be FDIC-insured. FDIC insurance is based off of the relationship title of the account. For example, if you have 5 savings account all under your name, no joint-holders, non-trust title, the most you can have insured under one banking entity is 100,000.00. So if your 5 accounts, for example, have balances totalling 150,000. $50,000 of that money will not be insured. If you are saving large sums of monies, you may want to consider other options instead of opening numerous savings accounts, such as IRA retirement accounts, for the tax benefit. If you earn more than $10 in interest, you are required to pay taxes on the interest earned, and you will receive a 1099R that you must file with your taxes. I hope I was able to answer your question.


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I have Form 1099R in my posession, which form o I need to file my information in order to receive my federal income taxes with held?


I did not receive my 1099R and need a duplicate copy. Can you let me know how I can get a duplicate copy?

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What do you do if you did not get your 1099R?

Firstly, you are still obligated to file your tax return on time. Next, you should have contacted the firm that was supposed to send your 1099R form in the first week of February. By law, all companies are required to mail these items out no later than the 31st of January of each year.


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