Riversource Outgoing 1035 Form Details

Are you familiar with a 1035 exchange? If not, you should be. A 1035 exchange is a tax-deferred way of exchanging one property for another without having to pay taxes on the proceeds from the sale. It's a great way to avoid capital gains taxes, and it can be used in a number of different situations. Here's everything you need to know about Form 1035 exchanges.

This article includes information about form 1035 exchange. You might want to learn its size, the typical time to complete the form, the fields you'll need to fill in, and so forth.

QuestionAnswer
Form NameForm 1035 Exchange
Form Length3 pages
Fillable?Yes
Fillable fields48
Avg. time to fill out10 min 25 sec
Other namesriversource 1035 exchange form, ameriprise riversource outgoing annuity tax qualified transfer, riversource non qualified 1035 exchange, riversource 1035 exchange

Form Preview Example

RiverSource Life Insurance Company 70100 Ameriprise Financial Center Minneapolis, MN 55474

Outgoing Non-Qualified 1035 Exchange from RiverSource Life Insurance Company

Use this form to move assets from RiverSource Life Insurance Company to another company.

Use one form for each policy or contract being replaced.

Consult your tax advisor regarding possible tax consequences as a result of this transaction.

It is recommended that the client continue paying premiums on the old policy until the exchange is completed. This will eliminate the possibility of the policy lapsing or decreasing in cash value due to automatic premium loans.

If the annuity has the SecureSource Stages 2® rider, if any withdrawal is taken during the first year of the contract, the "income bonus" will not be available for the life of the contract. The "income bonus" provides an additional 1% income for a given contract year; availability is determined annually.

RiverSource Life Insurance Company does not guarantee that this transaction will in fact qualify as a 1035 exchange.

Submit original to: RiverSource Life Insurance Company, 70100 Ameriprise Financial Center Minneapolis, MN 55474

Select the Product Type for this request:(Required)

RAVA 5SM//Innovations Select product: Account Number

9925 Other :

Account Number

004

Failure to select a Product Type could result in processing delays

Part 1 RiverSource Life Account You Are Exchanging From

Owner Name

Trust or Entity Name (if applicable)

Joint Owner Name (if applicable)

Insured/Annuitant Name

Amount to be moved:

100%

Annuities Only Specified Amount $

Part 2 Account You Are Exchanging To

Company Name

Agent/Advisor Name

Product Name

 

 

New Policy/Contract Number (if known)

Product Type (Select One)

 

 

 

 

Fixed Life Insurance

Fixed Annuity

Market Value Annuity

Immediate Annuity

Long Term Care

Variable Life Insurance

Variable Annuity

Equity Index Annuity

Other

 

If Product selected is an Annuity:

New Contract

Existing Contract

 

 

Owner Name

 

 

 

 

Trust or Entity Name (if applicable)

Joint Owner Name (if applicable)

Insured/Annuitant Name

Account You Are Exchanging To continued on next page..

Sign on Page 3

© 2008-2011 RiverSource Life Insurance Company. All rights reserved.

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Account You Are Exchanging To continued

Delivery Instructions

Make check payable to:

Mail check to:

Address

City

 

State

 

ZIP code

 

 

 

 

 

Part 3 Absolute Assignment and Signature

I hereby assign the portion of my rights, titles, and interest in the policy number identified above to the company named in Part 2 (company exchanging to). The purpose of this assignment is to effect a non-taxable exchange of this contract under Internal Revenue Code Section 1035(a) and the Regulations and Rulings issued under that section. Do not withhold any federal income taxes.

This paragraph applies only to nonqualified annuities, and only if the annuity is or was part of a partial 1035 exchange from one annuity to another annuity. IRS Revenue Procedure 2011-38 states if withdrawals are taken from either annuity within a 180-day period following a partial 1035 exchange, the IRS will apply general tax principles to determine the tax treatment of the previous exchange and the subsequent withdrawal. For example, a distribution from either contract within 180 days of the exchange may result in additional taxable income related to the contracts involved in the exchange. The IRS tax treatment may be different than what is reported on Form 1099-R. A tax advisor should be contacted before any withdrawals are taken from either annuity contract during the180-day period. This 180-day limitation on withdrawals does not to apply to annuitized amounts if the annuitization is for life/lives or a period of 10 years or more.

Partial 1035 Exchanges to Qualified Long-Term Care Insurance Policies: The IRS has not yet provided rules regarding 1035 exchanges into qualified long-term care insurance products. There may be unintended tax consequences once the IRS provides guidance on these exchanges. The investment of the annuity contract will be adjusted based on the portion of the contract value exchanged, unless the IRS provides otherwise. Please consult your tax advisor.

By signing, I also acknowledge and accept the following conditions.

General

I am the owner of the listed RiverSource Life Insurance Company contract and I authorize this transaction.

I acknowledge that appropriate state replacement forms have been sent or are attached to this form.

I hold RiverSource Life Insurance Company harmless from any income or excise tax liability, including penalties and interest, as a result of this transaction.

I understand and acknowledge that certain policy/contract benefit restrictions which I may have satisfied under my existing policy/contract (i.e. two year suicide exclusion, etc.) may begin anew under any replacement policy/contract.

RiverSource Life Insurance Company does not transfer outstanding loan balances on life insurance products. If there is an outstanding loan, it will be surrendered first, then the balance of the funds will be transferred to the company named in Part 2. I understand the surrender of the loan may create adverse tax consequences.

If your annuity has the SecureSource Stages 2SM rider, if any withdrawal is taken during the first year of my contract, the "income bonus" will not be available for the life of the contract. The "income bonus" provides an additional 1% income for a given contract year; availability is determined annually.

Charges

I acknowledge that surrender charges may be imposed on the account value of my insurance policy/annuity contract prior to this transaction and that it may not be in my best interest to begin a new surrender charge schedule.

Expenses

I understand that the ongoing mortality expense, administrative and annual contract charges under a new contract may be different.

I understand that the fees for the policy features such as guarantees, death benefits and partial withdrawal features may differ.

Funds

I acknowledge that the expenses of the underlying funds may be different.

I understand that the new contract may have different coverage/riders than the contract with RiverSource and that may affect the current value and the proceeds payable upon the death of the owner/insured/ annuitant.

Absolute Assignment and Signature continued on next page..

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Absolute Assignment and Signature continued

Owner Name

Owner Signature

X

Joint Owner Name (if applicable)

Joint Owner Signature (if applicable)

Owner Phone Number

Date (MMDDYYYY)

Date (MMDDYYYY)

X

Spouse Name (if owner or spouse live in community property state - AZ, CA, ID, LA, NV, NM, TX, WA and WI)

Spouse Signature (if community property state)

Date (MMDDYYYY)

 

 

 

X

 

 

Part 4

Letter of Acceptance and Surrender Request (Completed by a Corporate Officer of Company referenced

in Part 2)

 

Please note cost basis information will be sent along with the check.

By signature of an authorized Officer below, the company named in Part 2 accepts assignment of the portion of the above identified contract for the purpose of complying with the client's intention of effecting a non-taxable exchange under IRC section 1035. Acceptance by RiverSource Life Insurance Company of this assignment and of contract values from other insurance companies should not be construed as a guarantee that the transaction will qualify as a 1035 exchange.

Corporate Officer Signature and Title

Date (MMDDYYYY)

X

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How to Edit Form 1035 Exchange

Filling in ameriprise form 30481 is simple. Our team designed our software to make it user-friendly and uncomplicated and allow you to prepare any PDF online. Here are a couple steps that you need to stick to:

Step 1: At first, click the orange "Get form now" button.

Step 2: The file editing page is now open. Include information or enhance current information.

If you want to complete the form, type in the details the application will ask you to for each of the following sections:

portion of empty spaces in outgoing non qualified 1035 exchange from riversource life insurance company 30481

Enter the appropriate information in the space Joint Owner Name (if applicable), Insured/Annuitant Name, Amount to be moved:, Annuities Only Specified Amount, Part 2, Account You Are Exchanging To, Company Name, Agent/Advisor Name, Product Name, Product Type (Select One), New Policy/Contract Number (if, Fixed Life Insurance, Fixed Annuity, Market Value Annuity, Immediate Annuity, Long Term Care, Variable Life Insurance, Variable Annuity, Equity Index Annuity, Other, If Product selected is an Annuity:, New Contract, Existing Contract, Owner Name, and Trust or Entity Name (if.

part 2 to completing outgoing non qualified 1035 exchange from riversource life insurance company 30481

The program will request information to instantly fill up the area Trust or Entity Name (if, Joint Owner Name (if applicable), Insured/Annuitant Name, Sign on Page 3, Account You Are Exchanging To, © 2008-2011 RiverSource Life, Page 1 of 3, and L (10/11).

Filling out outgoing non qualified 1035 exchange from riversource life insurance company 30481 stage 3

You will have to indicate the rights and obligations of every party in box Make check payable to:, Mail check to:, Address, City, State, ZIP code, Part 3, Absolute Assignment and Signature, and I hereby assign the portion of my.

part 4 to entering details in outgoing non qualified 1035 exchange from riversource life insurance company 30481

Finalize by reviewing these areas and completing the appropriate data: Owner Name, Owner Signature, X Joint Owner Name (if applicable), Owner Phone Number, Date (MMDDYYYY), Joint Owner Signature (if, Date (MMDDYYYY), X Spouse Name (if owner or spouse, Spouse Signature (if community, Date (MMDDYYYY), Part 4, Letter of Acceptance and Surrender, and Please note cost basis information.

outgoing non qualified 1035 exchange from riversource life insurance company 30481 Owner Name, Owner Signature, X Joint Owner Name (if applicable), Owner Phone Number, Date (MMDDYYYY), Joint Owner Signature (if, Date (MMDDYYYY), X Spouse Name (if owner or spouse, Spouse Signature (if community, Date (MMDDYYYY), Part 4, Letter of Acceptance and Surrender, and Please note cost basis information fields to complete

Step 3: After you hit the Done button, your finalized document can be simply transferred to all of your devices or to email indicated by you.

Step 4: To prevent yourself from probable forthcoming troubles, be sure to hold around several duplicates of each and every document.

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