When it comes to taxes, navigating the various forms can be daunting. Two important forms to understand are IRS Forms 1099-R and 5498, which report different types of financial transactions to the IRS. Let’s delve into what triggers these forms, when to expect them and what they mean for you as a taxpayer. IRS Form 1099-R: Form 1099-R is typically issued by financial institutions or retirement plan administrators to report distributions from retirement accounts, pensions, annuities and other similar plans. Here are some common transactions that trigger Form 1099-R: 1. Annuity Distributions: If you receive distributions from an annuity contract, whether it's a fixed, variable or indexed annuity, they will be reported on Form 1099-R. 2. Retirement Distributions: If you withdraw funds from your IRA, 401(k) or other retirement accounts, you will likely receive a Form 1099-R. This includes both normal distributions and early withdrawals. 3. Pension Payments: If you receive pension payments from a former employer, those payments are reported on Form 1099-R. 4. Rollovers: Certain rollover transactions, such as moving funds from one retirement account to another, may also trigger a Form 1099-R. Form 1099-R is typically issued by January 31 of the following tax year. This allows taxpayers to accurately report their retirement income on their tax returns. IRS Form 5498: Form 5498 is used to report contributions, rollovers and the fair market value of certain retirement accounts. Here are the main transactions that trigger Form 5498: 1. IRA Contributions: If you make contributions to a traditional IRA, Roth IRA or SEP IRA during the tax year, your financial institution will report those contributions on Form 5498. 2. Roth IRA Conversions: If you convert funds from a traditional IRA to a Roth IRA, the conversion amount will be reported on Form 5498. 3. Rollovers and Transfers: Any rollovers or transfers between retirement accounts, such as moving funds from an employer-sponsored plan to an IRA, will be reported on Form 5498. 4. Fair Market Value: Financial institutions also report the fair market value of your IRA on Form 5498. Form 5498 is typically issued by May 31 of the following tax year. Because taxpayers have up until Tax Day to make their contribution, the form is generated after, allowing reconciliation of retirement account contributions and rollovers when preparing tax returns. It’s important to review Forms 1099-R and 5498 when preparing your taxes, as they provide crucial information about your retirement accounts and potential tax liabilities. If you have any questions or notice any discrepancies on these forms, don’t hesitate to reach out to GBU or the issuing institution or consult with a tax professional for guidance. Understanding these forms and their timing will help ensure accurate reporting and compliance with IRS regulations.

Time to take out your Required Minimum Distribution (RMD)? Did you know you can use your RMD to purchase financial products that can help to secure the future for you, your loved ones or a charitable organization that you care about? Talk to your agent today to discuss some options that may be right for you or request an appointment with an agent near you at gbu.org. Purchase a whole life policy for your grandchildren Start your grandchildren on the road to financial success with a GBU membership. GBU's Youth 3 Pay Life insurance is permanent life insurance that offers a lifetime of coverage for just three annual payments. Your child or grandchild becomes a GBU member and remains a member as long as the policy is active. GBU members have access to special members-only discounts, events and contests as well as education, volunteer, scholarship and grant opportunities. - Cash Value Growth. Youth 3 Pay Life insurance accumulates cash value that can be borrowed against, with interest to help your child or grandchild secure education loans, make mortgage down payments or weather emergency situations. - Dividends. Youth 3 Pay Life insurance is expected to earn dividends that can be used to purchase additional paid-up coverage, held with interest or paid out in cash. - Competitively Priced Coverage. Policy face values range from $5,000 to $50,000 for youth of current ages 0–17. Policy rates are based on age, gender and amount of coverage requested. Policy is paid in full in three annual payments. Make a donation to the GBU Foundation Your qualified charitable distributions can satisfy all or part of the amount of your RMD from your IRA. For example, if your 2023 RMD was $10,000, and you made a $5,000 qualified charitable distribution for 2023, you would have had to withdraw another $5,000 to satisfy your 2023 RMD. HOW IT WORKS - You can make a tax-deductible donation of all or part of your RMD to the GBU Foundation. - Send the donation to 4254 Saw Mill Run Blvd., Pittsburgh, PA 15227-3394 in the form of a check made out to the GBU Foundation. - We will send you back an acknowledgement letter of the amount donated. - Let your tax preparer know that you made the donation. It will need to be reported on your 1099-R form, 1040 form and form 8608 with your 2023 taxes. For more information on how to satisfy your RMD with a charitable donation, consult your tax preparer or CPA.Tax info is provided by H2R CPA. H2R CPA is a full-service accounting and business advisory firm celebrating over 60 years serving closely held businesses, nonprofit organizations and High Net Worth individuals. The team specializes in comprehensive tax, assurance and business consulting services. GBU Life does not provide tax advice. You should consult with a legal or tax professional for any such matters. GBU Life is the marketing name for GBU Financial Life. Life insurance underwritten and annuities offered by GBU Financial Life (GBU), 4254 Saw Mill Run Blvd., Pittsburgh, PA 15227. Dividends are not guaranteed. A parent or legal guardian must sign the application. If the policy is to be owned by someone other than the parent or legal guardian, the parent or legal guardian must also sign the application. Riders are optional and have additional fees associated with them. Product not available in all states. Please see policy and rider coverage for complete details. Contract Form Series: ICC19-Y3Pay, FL20-Y3Pay. GBU-RMD-0324

Do I need my sunglasses, umbrella or snow boots on this spring morning? Will my 10-mile commute take 15 or 45 minutes? Is that pothole a little bump on the road or a sinkhole waiting to swallow my car? We ask these questions every day as we prepare to go outside with our sunglasses, umbrellas, snow boots, podcast playlists and ... grappling hooks. But, of course, as a GBU member, you know there is one more tool you can add to your toolkit to prepare for the road ahead—life insurance! In addition to helping provide financial security for those you love most, GBU’s Secure Series Whole Life coverage helps you with life’s difficulties along the way by accumulating cash value that you can borrow in case of, well, a rainy day. With a wide range of face values and payment terms, you can purchase a policy that meets your needs and budget now, with the ability to purchase additional coverage during certain periods of your life with the Guaranteed Purchase Option Rider. Ready to add a Secure Series Whole Life policy to your plan to be prepared? Talk to your agent, or visit gbu.org , and click on Request an Appointment to match with a great GBU agent in your area! GBU Life is the marketing name for GBU Financial Life. Life insurance is underwritten by GBU Financial Life (GBU), Pittsburgh, PA. Policy will mature when insured reaches age 121. Payment of dividends is not guaranteed as the assumptions on which they are based are subject to change. Loans and withdrawals taken against a permanent life insurance policy will reduce the death benefit and may result in a taxable situation. Riders are optional and have additional fees associated with them. Policy and features are subject to approval and may not be available in all states. Please see policy and rider for complete details. GBU and its agents do not provide tax, legal or investment advice. Please consult with a legal or tax professional prior to the purchase of any contract. Contract Form Series: ICC20-WL, FL20-WL.2, ICC20-SPWL, FL20-SPWL.2, GEN20-WL, GEN20-SPWL, ND20-WL, ND20-SPWL GBU-Reporter-AD-0224

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GBU’s new Fixed Index Annuity (FIA) products are set to launch in February and will allow our members yet another way to safely grow funds for their retirement.

Many turn to crowdsourcing as a solution for family emergencies. But what are the implications of planning for your family’s needs using online crowdsourcing vs. life insurance?

The new GBU Future Flex Preferred is here! This product is an update of the Preferred 5 and Preferred 8 that you love*, with new features.

Did you know that GBU can accept online bill payments made through your bank? This is an efficient way to transmit payments/deposits into your GBU account.

Sixty-nine percent of life insurance owners say they feel financially secure compared to 49 percent of non-owners.