Get the free riversource 1035 exchange form

Resource Life Insurance Co. of New York 20 Madison Ave Ext. P.O. Box 5144 Albany, New York 12205 Outgoing Non-Qualified 1035 Exchange from Resource Life Insurance Co. of New York Use this form to

How to fill out riversource 1035 exchange form

How to fill out the riversource 1035 exchange form:

1. Gather necessary information: Collect all the required documents such as your current annuity policy, contract number, and the new annuity policy details.
2. Complete the policyholder information: Fill out the form with your personal details, including your name, address, contact information, and Social Security number.
3. Provide current policy information: Enter the specific details of your existing annuity policy, including the name of the insurance company, policy number, and the type of contract.
4. Specify the new annuity policy: Fill in the necessary information about the new annuity policy you wish to exchange your current policy for. Include the insurance company's name, policy number, and the type of contract.
5. Review and sign the form: Double-check all the entered information to ensure its accuracy. If necessary, make corrections before signing the form. Your signature is required to authorize the 1035 exchange.

Who needs the riversource 1035 exchange form:

1. Individuals with an existing annuity policy: The riversource 1035 exchange form is needed by policyholders who want to exchange their current annuity policy for a new one within the riversource annuity product line.
2. Those seeking to make changes to their annuity contract: If you wish to modify the terms, options, or features of your current annuity contract, you may need to fill out the riversource 1035 exchange form.
3. Individuals switching annuity providers: If you want to move your annuity from one insurance company to riversource, you will need to complete the riversource 1035 exchange form to initiate the transfer process.

Please note that specific eligibility requirements and procedures may vary based on your individual circumstances and the regulations set forth by riversource. It is advisable to consult with a financial advisor or contact riversource directly to ensure accuracy and compliance when filling out the form.

People Also Ask about

What qualifies as a 1035 exchange?

A 1035 exchange is a provision in the tax code which allows you, as a policyholder, to transfer funds from a life insurance, endowment or annuity to a new policy, without having to pay taxes.

Do you pay taxes on a 1035 exchange?

A 1035 exchange is a provision in the tax code which allows you, as a policyholder, to transfer funds from a life insurance, endowment or annuity to a new policy, without having to pay taxes.

How long does it take to do a 1035 exchange?

The 1035 exchange process can take anywhere from 1-3 weeks, so it's always best to make sure you're aware of the 30 day window and your options so that you're ready to act towards the beginning of the window in order to ensure it is completed by the end of the window.

What is the 1035 annuity exchange rule?

The 1035 exchange rule applies to certain insurance policies including annuities and life insurance. It allows you to exchange a life insurance policy for an annuity, an annuity for another annuity or one life insurance policy for another without tax consequences.

Which of the following is not allowed in a 1035 exchange?

So what is not allowable in a 1035 exchange? Single Premium Immediate Annuities (SPIAs), Deferred Income Annuities (DIAs), and Qualified Longevity Annuity Contracts (QLACs) are not allowed because these are irrevocable income contracts.

How to do a 1035 exchange?

Steps of the 1035 Process Decide if it makes sense to 1035 your existing policy. Choose a policy to 1035 into. Contact the insurer that holds your existing policy so you understand their paperwork requirements. Fill out and submit the application for the new annuity, including a 1035 transfer request form.

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What is riversource 1035 exchange form?

The Riversource 1035 exchange form is a document used to facilitate the exchange of one insurance or annuity policy for another without incurring immediate tax liabilities.

Who is required to file riversource 1035 exchange form?

Individuals who wish to transfer their existing insurance or annuity policies to a new policy under IRS Section 1035 must file the Riversource 1035 exchange form.

How to fill out riversource 1035 exchange form?

To fill out the Riversource 1035 exchange form, provide relevant personal information, details about the existing policy, information about the new policy, and sign the form as required.

What is the purpose of riversource 1035 exchange form?

The purpose of the Riversource 1035 exchange form is to ensure that the transfer of policies is processed correctly and to allow for a tax-free exchange under IRS regulations.

What information must be reported on riversource 1035 exchange form?

The information required on the Riversource 1035 exchange form includes the policyholder's name and contact details, information about the current policy, details of the new policy being acquired, and any relevant signatures.