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MARCH ANNUITY NEWSLETTER

Tax Season: Helpful FAQs for Clients with Traditional IRAs

As the April 15 income tax deadline approaches, clients who own a Traditional IRA may have some questions. For your reference, below are several frequently asked questions (FAQs) that we have sent to contract holders in this month’s enewsletter to give them general information about contributions, age limits, and tax forms.

FAQ's

	Q:		When is the deadline for a contribution to my Traditional IRA?
	A:		Contributions for 2018 must be postmarked by April 15, 2019. Please specify the 2018 tax year contribution on the memo line of your contribution check.

	Q:		I have a Simplified Employee Pension (SEP) IRA, can I still make a contribution for 2018?
	A:		Yes. Contributions for 2018 must be postmarked by April 15, 2019. However, Talcott Resolution will apply SEP IRA contributions to the tax year in which they are received. You may work with a tax advisor to report the contribution on your 2018 tax return.

	Q:		Do I need my IRS Form 5498 in order to complete my 2018 Income Tax Filing?
	A:		No. Since 2018 contributions to Traditional IRAs can be made up until April 15, 2019, the Form 5498 is not generated until after that deadline and will be mailed in May 2019.

	Q:		How long can I continue to contribute to my Traditional IRA?
	A:		If you have not yet reached the age of 70 ½, you may contribute as often as you wish without exceeding the annual contribution limit. In the year the Traditional IRA contract owner turns age 70 ½ and beyond, contributions are no longer allowed; however, rollovers and transfers into the contract will still be accepted. Please note that there are contribution limits in certain states and for certain annuity products.

For more information about annual contribution limits, please speak with a tax advisor.

What can I do if I contributed more than the IRS limits allow for the tax year 2018?

If your 2018 contribution is more than the allowable amount, you can withdraw the excess contribution by April 15, 2019 without tax penalty. If you re-direct the excess contribution to another tax year penalties may apply. Please speak to a tax advisor for more information on IRS contribution limits. When requesting a withdrawal of an excess contribution, please keep the following in mind:

	•		Contingent Deferred Sales Charges will apply if you liquidate excess contributions.
	•		Earnings are taxable for the year in which excess contributions were made and are subject to the additional 10% early distributions tax. An IRS Form 1099-R will be issue for the year the payment was withdrawn.

We have informed clients that neither Talcott Resolution nor its agents or employees provide tax or legal advice. We strongly recommend to them that they speak with an Investment Professional or a tax advisor before making any financial decisions.

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ANNUITIES NEWSLETTER

This email message may constitute a commercial electronic mail message under the CAN‑SPAM Act of 2003.

Fixed index annuity contracts are issued by Talcott Resolution Life and Annuity Insurance Company, Windsor, CT.

You should carefully consider the objectives, interest crediting strategies, risks and charges of the fixed index annuity before purchasing. This and other information can be found in the fixed index annuity’s Fixed Index Annuity Disclosure Statement which can be obtained by calling 800 862 6668. Please read them carefully before sending money.

Variable annuities are issued by Talcott Resolution Life Insurance Company, Windsor, CT or Talcott Resolution Life and Annuity Insurance Company, Windsor, CT. Underwritten and distributed Talcott Resolution Distribution Company.

You should carefully consider the investment objectives, risks, fees, charges, expenses and other information regarding the variable annuity Contract and the underlying investments before investing. This and other information can be found in the prospectus which can be obtained by calling 800 862 6668. Please read the prospectus carefully before sending money.

Talcott Resolution consists of Talcott Resolution Life, Inc., a holding company for a group of insurance and non-insurance subsidiaries that administers life and annuity products previously sold or acquired. These insurance companies include Talcott Resolution Life Insurance Company, Talcott Resolution Life and Annuity Insurance Company, American Maturity Life Insurance Company and Talcott Resolution International Life Reassurance Corporation.

This is not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult a tax or legal counsel for advice.

This email was sent to:

"Talcott Resolution" is Talcott Resolution Life, Inc. and its Affiliates including Talcott Resolution Life Insurance Company and Talcott Resolution Life and Annuity Insurance Company.

Please note, Talcott Resolution is no longer part of The Hartford.

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