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What is the difference between a 1099 and a 5498 tax statement?

April 26, 2017tax

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What is the difference between a 1099 and a 5498 tax statement?

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There are two different kinds of tax statements that a WSLife.com policyholder can view on WSLife.com: Form 1099 and Form 5498. A Form 1099 is sent when there is a taxable event that is reported to the Internal Revenue Service. The Form 1099 is mailed by January 31 of the following year to the policyowner. The Form 5498 is a form required by the Internal Revenue Service to notify a client and the Internal Revenue Service of the Fair Market Value of the client’s annuity contract.