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I applied for Americo policies (via Blueprint) and sent checks two months ago. One policy finally arrived about three weeks ago and got our policyholder names wrong, so I requested correction and just got that one back a couple of days ago. Still waiting for the other two policies. So slow. I've spoken with both Blueprint and Americo about my concerns related to this, but they assure me that I'm accruing interest since the day they received the checks despite the delay in actually issuing the policies. I've considered pulling the plug, but then that's two months of lost interest income. My advice to this forum is to know that while there's a 30-day look period on policies, the companies are tying up your money from the get-go. I had a dela...

A 4.75% guaranteed rate with no principal fluctuation is a very good rate.

If you’re making it just fine with taking your interest payments plus other income, I’d just keep doing it. Maybe revisit the SPIA idea in five years or so.

I thought this exhibit was useful, mostly for its brevity. Note what's in the red box I added for emphasis. Regards, https://i.postimg.cc/gJQJfxsH/Screenshot-2023-03-29-at-12-50-19-PM.png I do not see high-yield bonds here. If we care about whether they are "investment-grade" bonds (and will hold them as a "definitely need") and toss the rest out completely without question, then I tend to shake my head that we do not attempt to define "investment-grade" stocks. An “investment grade” bond is one that has a rating of BBB- or higher by the rating agencies, while a “high yield” bond has a lower rating. The rating agencies don’t rate stocks. So there’s no such thing as an “investment grade” stock.

You’ve got some great topics in your post.

The two that would rise to the top of my “want to hear” list are:

paul merriman wrote: ↑Wed Mar 29, 2023 10:42 am The 10 best 3 fund portfolios for life (including a in depth look at the risk and return of each)

How John Bogle changed my life and what that could mean to you

I completed applications for MYGA's from 3 year to 7 year maturities: Canvas (Puritan Life) @6.20%, Sentinel Security Life @5.32%, Americo @5.40%, and American National @5.30%. The ratings range from B++ for the Canvas and Sentinel MYGA's, to A on both Americo and American National. I locked in 5.30% on the American National MYGA. They offered 5.30% on 6 to 8 year terms on $100,000 - $249,999 investment amounts. The rate declined to 5.05% effective today. The amount I'm investing in these MYGA's represents about half of my fixed income allocation in my qualified accounts. I still have the remaining half in Vanguard Total Bond Market Index fund. The application process on both Blueprint and Canvas was smooth and trouble-free. All in all, I'...

Sandwich wrote: ↑Tue Mar 28, 2023 10:50 pm Additional Background: Receives a pension, Social Security, and Long-Term Care Insurance benefits (unlimited period, no inflation rider)……

Her current negative cash flow is around $ 3,500 per month. I project her funds may last 5 years … can’t predict the future.

Does her “current negative cash flow” consider the interest and dividends she receives on her current investments? Or does it include only her pension, SS, and LTC benefits?

Like others, I’m having a difficult time seeing how a $3,500 per month cash drain depletes a $760k portfolio in five years.

I’d lean toward keeping this one. Let’s say that mom lives 20 more years, to age 97, and dad predeceases her (highly likely). The internal rate of return of $23,448 (current cash value) this year, plus 20 annual premiums of $5,425 each, offset by a $359,000 death benefit, is a 7.49% annual return, income tax free. And if she lives to be 102, it’s still 5.06%. As you note, the policy will stay inforce until mom is 110 under current assumptions. As Rex66 suggests, get an inforce illustration every year or two. And make darned sure that they can afford the $5,425 annual premium comfortably for every year for the rest of their lives. On a pure financial calculation, this policy 10 years after issue is a pretty good deal for building their estat...

Weathering wrote: ↑Tue Mar 28, 2023 4:54 pm

patrick wrote: ↑Tue Mar 28, 2023 2:01 pm Canvas is offering higher annuity rates -- 6.2% for 5 years and 6.25% for 7 years. Canvas as not available in all states but then again neither is this one.

Does Canvas allow a set number of days to fund, or does the MYGA have to be funded on day 1?

If you dig down deep into the Canvas website, it appears that they “keep the application open” for 30 days.

I don’t know if that means that the rate is locked for 30 days. You’ll need to ask them.

Www.Canvasannuity.com

Note that Puritan Life is rated B++ by AM Best, one notch below the A- from Ibexis.

We received this email today. Of course, we have not applied for any "Hardship Assistance". The email came from a Hotmail account. An obvious scam. Dear (my name), I am reaching out from the Financial Assistance Department, where I have been assigned to assist with your recent application for hardship assistance. I have reviewed your application and am pleased to inform you that you have been pre-approved for up to $37,000 in financial support. Our program is designed to provide unique opportunities to those facing financial difficulties, and I would be honored to assist you in enrolling. To that end, I would like to schedule a call to discuss the details of the program and answer any questions you may have. If you are available, ...

New to annuities so seeking advice. This Ibexis 5.8% simple interest product seems to be a great fixed income product at the moment. There is an option to take monthly interest payments (as I understand it) that would mitigate the downside of simple interest (I'm retired and could allocate the payments to spending money). Ibexis is A- rated. There is an option to link some of the yield to the S&P but it seems you don't have to so I wouldn't. There are 45 days to fund and a 30 day free look period. Could these be used to lock in current rates and see what happens as cd and treasury yields react to current events? Are there risks here that I'm overlooking? Taxation? I think that your understanding is correct. This being the end of March,...

As it relates to the liquidation of insurance companies, wouldn’t SPIAs carry the same risks as MYGAs? Yes and no. Yes, in the sense that the state guaranty fund limits apply to both products. Many states have the same maximum guaranty fund exposure for SPIAs and MYGAs, but folks should check with their state fund to be sure. No, in the sense that SPIAs are likely to be paid out more rapidly than MYGAs. When a state takes over an insurance company, the Receiver is given broad authority to suspend contractual provisions. Typically, the Receiver has an obligation to conserve cash. The Receiver will usually prioritize the payment of certain items. Beyond wages for the staff and expenses of the Receivership, priority items usually include payi...

quantAndHold wrote: ↑Tue Mar 28, 2023 10:01 am

gavinsiu wrote: ↑Mon Mar 27, 2023 7:58 am

snackdog wrote: ↑Sun Mar 26, 2023 10:22 pm Oh gosh, we don’t let our kids wander off in places like that. Too many weirdos out there.

We don’t either, but when I was a kid I was prone to running off by myself when my parents attention wandered for even a minute. I think one time I was missing for an hour. In those days, you never see leashes that you see some parents carry today. My kids fortunately did not inherit my behavior in this area.

We lost a 50 year old engineer in Beijing that way. His wife wasn’t paying attention, and he wandered off. We didn’t see him the rest of the day. Fortunately, he had some cash and the business card for the hotel.

You're kidding - right?

As a newbie to MYGA, I think the risks of MYGA are: - surrender period charge for early withdrawal - post surrender period if Insurance Company goes belly up then other than interest, RMD, death, your money could be stuck until age 95 unless the State Agency completes all the liquidation process and disburses upto 250k guaranteed amount. Wondering if 1-2% TEY higher interest than treasury is worth the above risks at present :annoyed I think that you've outlined the risks pretty compactly. I was going to also mention market value adjustment on an early surrender, but that same risk occurs on a Treasury of equal duration to a MYGA. However, I would doubt that "money could be stuck until age 95" in a failed company. While insolvenci...

Another excellent podcast in this wonderful series.

Most memorable line - Dr Crosby recounted the last verse of a poem that he wrote for his young children as he was explaining the death of a family friend,

“Yes, everyone you love will die,
But you’re here today, and so am I”

Thanks for the six month update. You’re doing just great! Keep it up!

I agree with paying down the HELOC as you can, which will give you a guaranteed 6.99% return.

Please keep us posted on your progress.

I'm considering buying 4 separate MYGA's through the Blueprint Income website at different terms from my Traditional IRA. I understand from reading upthread that a good way to consider buying a MYGA is the spread between it and corresponding 3 year or 5 year Treasuries for the same terms. What is consider a reasonable spread between the yield on Treasuries and the rate on a MYGA? 1%? 1.5%? 2.0% Also, all of my qualified investments are in a 3 fund portfolio. All of my bond allocation is in VTSIX, and the current yield as of this post is 4.21%. The yield on 5 year Treasuries is 3.96%. The transfer of some of the funds in VTSIX will go in the MYGA's. What should I use to compare the relative attractiveness of the MYGA? The 3 or 5 year Treasu...

vkat wrote: ↑Mon Mar 27, 2023 10:27 am Plz consult legal advice.

^^ This ^^

2. It is very difficult to know the exact marginal tax rate of your Roth conversion ahead of time, for the current tax year. Targeting the top of the 24% bracket is a good theoretical construct, but hitting it with any precision is probably unattainable without expert financial help. Getting reasonably close without going over will be my goal. I’m in the same position as you - modeling my tax situation so as to do Roth conversions up to the top of a bracket. For several decades now, I’ve used and constantly updated a spreadsheet that duplicates the tax form calculations. It precisely ties to what’s in my filed tax return. It handles NIIT, capital gains, qualified dividends, etc. The spreadsheet is already updated for 2023 tax brackets and ...

fuddbogle wrote: ↑Mon Mar 27, 2023 4:38 am

Nicolas wrote: ↑Sun Mar 26, 2023 11:42 am

Marseille07 wrote: ↑Sun Mar 26, 2023 11:38 am

Nicolas wrote: ↑Sun Mar 26, 2023 11:33 am I fully agree and I wouldn’t do it, but maybe some of them needed the money and couldn’t turn it down.

Really? I thought this is on a volunteer basis. Any idea how much they make by participating in this?

No, no idea. They must’ve gotten something.

Free dinner at Golden Corral.

Some in my family would say that a meal at Golden Corral has negative value.

Those who stayed within their guaranty fund limits will get all of their principal, and some interest, back. Just want to be sure I understand. If I put in $250,000 with interest over five years equals $300,000 ,if an insurance company goes bankrupt. Do I get back principle of $250,000 and no interest over 5 years or my new principal $300,000. In the case that you cite, and assuming that your guaranty fund limit is $300k or more (and that you don’t live in California, which can revoke excessive interest earnings), you will get back $300k. On the other hand, let’s say that you live in a state with a $250k guaranty fund limit. You purchase an annuity for $225k, and over time it grows to $275k. In that case, only $250k of your annuity is affo...

I’ve posted on this forum before and I will have $1.2 million in five myga’s. I felt safe because Fidelity offered them. I went to a fee for service financial advisor. She also concurred .I called my state insurance agency and they assured me if any company bankrupt they would cover up to $500,000 per annuity contract in State in Connecticut. This person, in the article in the Wall Street Journal came from a town in Pomfret Connecticut. Therefore it was approved by the state of Connecticut .Two annuities have now passed. I’m still waiting and struggling to get the other three but now I am concerned this might not be a good idea . They are with AIG ,The standard and American National all A rated companies. I question whether I should contin...

CletusCaddy wrote: ↑Sun Mar 26, 2023 7:00 pm
What concerns me the most about this story is that the kind of malfeasance that occurred here was apparently not the kind that would be detected by ratings agencies, otherwise how could it go from B++ straight to F?

So the rating is not really correlated to likelihood of failure. In which case you can’t really tell ahead of time how safe your insurer is.

When your insurance company is owned by an alleged felon who has been charged with bribing public officials and embezzling from the company, bad things can happen.

Hopefully, no other life insurers are owned by alleged felons.

I also hope that rating agencies and regulators are fully watchful for such behavior. This particular case sure sounds like a failure of oversight.

wbillvan wrote: ↑Sun Mar 26, 2023 5:54 pm I keep getting emails from ATI tracking my physical therapy and thanking for paying with a credit card. I am not on a physical therapy regimen or have the credit card type they use in the email. All these emails keep asking me to create an account. I keep deleting these emails. The emails are very detailed and designed to trigger a response.

This sounds like less than a scam, and more like an incorrectly typed email address on the ATI system.

I’d suggest that you call the ATI office in question, and tell them that you’re continuing to get unsolicited emails. I suspect that you’re getting somebody else’s valid emails.

Don’t click on any links in the ATI email.

Of course, you can also continue to ignore/delete the emails.

TOM1964 wrote: ↑Sun Mar 26, 2023 5:08 pm
Forum rules prohibit discussion of future legislation or politics, but I truly believe that 24% tax for MFJ up to about $393k of gross income, 15% on most of your dividends, plus 3.8% on a relatively small portion of your income, is a tax regime we will look back on wistfully someday soon.

For what it’s worth, I absolutely agree with you on this point.

I’m doing much the same modeling as you are.

Hi again. Stinky, here’s something that we found on the UBS site regarding the larger inherited annuity: Contract Parties Owner: UBS-FINSVC FBO Husband’s Name Annuitant/Insured: Husband’s Name Primary Beneficiary: UBS-FINSVC FBO Husband’s Name So the owner/insured/beneficiary is not who we inherited the annuity from. Does this help shed any light on what we may have here? Thank you so much, again!! UBS records are showing what I would expect. When “Husband” inherited the IRA, he assumed all those roles listed above from whoever bequeathed the IRA to him. But that doesn’t answer the technical annuity question that I have. Specifically, what happens when the annuitant dies while owning a policy with a Guaranteed Minimum Death Benefit (GMDB) ...

A very interesting article in the WSJ about a failed MYGA insurer that has yet to pay out its policyholders due to a quirk in the law. https://www.wsj.com/articles/thousands-of-retirees-cant-withdraw-savings-invested-in-firms-controlled-by-indicted-financier-greg-lindberg-6a268369 Like bank ac­counts, life-in­sur­ance prod­ucts are in­sured, in this in­stance by in­dus­try-funded guar­anty as­so­ci­a­tions that typ­i­cally pro­tect an­nu­ity own­ers up to $250,000. There’s a rub: Con­sumers aren’t paid un­til in­sur­ers are put into liq­ui­da­tion, a move that Mr. Lind­berg is op­pos­ing. Also of note, Colorado Bankers Life was rated B++ right before it was placed into receivership. That Colorado Bankers case is a really sad one for the po...

Nicolas wrote: ↑Sun Mar 26, 2023 11:42 am

Marseille07 wrote: ↑Sun Mar 26, 2023 11:38 am

Nicolas wrote: ↑Sun Mar 26, 2023 11:33 am I fully agree and I wouldn’t do it, but maybe some of them needed the money and couldn’t turn it down.

Really? I thought this is on a volunteer basis. Any idea how much they make by participating in this?

No, no idea. They must’ve gotten something.

I doubt they were paid anything.

A couple of years ago, I was interviewed for a WSJ article that I “volunteered” for through one of Mel’s posts in the Forum. (My interview didn’t make it into the paper). There was never a discussion of paying me for the interview.

Rosie59 wrote: ↑Sun Mar 26, 2023 11:24 am Thanks, again Stinky! This makes total sense. We will be in touch with the insurance companies. We really appreciate your guidance here!!

Please do post back when you get more information from the insurance company.

I’m genuinely interested in hearing what additional benefits you’ll get from the GMDB riders.

Best to you.

Thank you all, especially Stinky! Stinky, that is brilliant! A couple of initial questions: Should we look into that UBS, or do we need to get in touch with Equitable/Hancock? The information looks very limited on the UBS site, and the original "advisor" is no longer there. Is the smaller annuity worth it, since the death benefit and the contract amount aren't that far apart? Thank you all again! You definitely need to be in touch with Equitable/Hancock. UBS was just acting as a "salesman" for the contracts, and doesn't have the technical knowledge needed to deal with this. Please read the second message I just posted in the last few minutes about the GMDB. I'm sorry that I hadn't noticed that the annuity was in an inhe...

In looking back at the long answer that I posted yesterday, suggesting that the annuity be left in place with a minimal balance so that the death benefit can be eventually corrected, I totally overlooked your mention that the annuity was in an inherited IRA. It would seem to me that at the time of death of the original annuitant (the person from whom you inherited the IRA), a death claim could (or maybe should) have been submitted to the life insurance company. Was a death claim filed with the insurance company at that time? I'm not personally familiar with all of the twists and turns of GMDB riders on variable annuities. But general common sense would indicate to me that a death benefit could have been paid when the original annuitant died...

First-time poster. We currently have some of our retirement accounts at UBS. They are charging us $175 a year per account, and have us in expensive investments. We’re finally taking a look at what’s there, and looking for a smarter approach. The goal is to make this as simple as possible, and reduce unnecessary costs. While we have other financial concerns and assets, we want to clean this mess up first. Especially the annuities, which are a total mystery to us. We’ve included what, we think, is the relevant/available information on the annuities from the UBS website. Husband is 63, wife is 64 (not working). Account 1: Inherited IRA Positions: FAFRX: $24,670 PAUAX: $41,410 Equitable Annuity: $34,200 (Details below) Total: $103,700 Equitabl...

I suspect a lot of retirement savers may not be aware that stable value is underperforming money market or t-bills that can be purchased through brokerage window now. Therefore, I wonder if there should be more awareness of this issue and if companies should consider providing money market options in 401k plans in addition to or in lieu of stable value funds. I was on the 401k committee at my former employer. My employers plan offered both a money market fund and a stable value fund. The stable value fund provider prohibited direct transfers from the money market fund, as I believe is common in most funds. That “equity wash” (any money moving between those two funds had to be invested in equities for a period of time first) prevented the s...

Hi, I wanted to get some advice what are optimal instruments employers can offer savers & for savers to park cash in 401k accounts. I believe in many 401k plans, the employer-provided option only has a stable value fund and no money market funds. Providers of stable value investment options may even require company plans to not provide a competing money market option. According to Vanguard, "Stable value funds benefit from a unique accounting standard that allows contract value accounting as opposed to mark-to-market accounting" - that reminds me of SVB. With the yield curve inverted as it is now, money market funds may provide better returns short-term vs stable value. Are employers better off offering money market options v...

They are the salt of the earth people. The author did an excellent job of double and triple fact checking, but an article cannot convey all of the details regarding their retirement and lives. I do find it interesting the 2 areas of intrigue seems to be the heat and tithing. Tithing is fundamental in their lives. It is not a choice and not a this vs that in their budget. Tithing is supposed to be from the heart and done with joy. That is what they do. They already know what studies show - spending your money on giving and experiences (spending time with family for them) bring the most happiness - not things. As far as the heat, although oil prices have certainly pinched their budget, they were doing this well before heating oil prices went...

HappyPappy wrote: ↑Sat Mar 25, 2023 11:15 am
So basically, as revenue comes into the business, I should have an account that’s a debt representing the income and SE taxes owed. And when I pay estimated taxes I am paying down that debt, right? If done accurately, is the objective to avoid paying back taxes in 2023 for income earned in 2022?

I did setup this kind of debt account for the sales tax that we collect and need to pass on to the county on a quarterly basis.

Also, the final payment for estimated taxes on 2022 income is due in 2023. That payment is an expense for 2023?

Yes, you should be setting up liabilities on your books for all accrual items, including taxes.

Estimated tax payments for 2022 income for should accrued on your 2022 financials.

This is sort of an accounting question I guess. When we make tax payments in March 2023 because we owed the IRS money on income earned in 2022, should I count that as an expense for 2022 or for 2023? Really I'm asking related to a sole proprietorship more than for our personal records. But the question would apply to both. In the case of the business, we underpaid taxes in 2022 so had a relatively large-ish payment to make in 2023. So when I look back at 2022 to see how the business did, I see an over-estimate of the business's net profit. Conversely, when I look at how the business is doing so far in 2023, I see a gaping hole of negative profit :o because we paid a wallop (relatively) in March 2023. Yes, it is an accounting issue question...

So, it is for sleep-at-night reasons mostly in the next decade that I want the life insurance at the end of the life-cyle of the current term policies. I appreciate that others might not wish to pay the commissions etc. that come with this trade-off. Again, thank you so much for taking the scenario seriously, even as I know the potential approach is anathema to virtually everyone on these boards. You’ve received a lot of thoughtful (and pointed) comments on this thread. I hope that they’ve been helpful to you as you continue to firm up your thinking as to how to proceed. At the end of the day, it’s most important that you and your wife can “sleep well at night” with the financial decisions that you make. That’s all that really matters. It ...

I'd sell, take the tax loss, reinvest in the fund that you desire, and move on.

No reason to waste any more time on this (minor) mistake.

Jonezez wrote: ↑Fri Mar 24, 2023 3:11 pm

Stinky wrote: ↑Fri Mar 24, 2023 2:58 pm At a $1,000 annual donation “spend”, I wouldn’t bother with a DAF.

Is opening and/or administering one very burdensome? Honest question.

I do see the point that the "financial" benefit is minimal with such a small donation at < $1000. What is a reasonable amount where the benefits outweight the hassle assuming high marginal tax bracket in a high tax state?

I have a Fidelity DAF.

No particular hassle in opening and administering the account. But Fidelity charges a minimum annual fee of $100, which would be pretty burdensome for your fund. (Their fee is the greater of 0.60% of assets and $100).

At a $1,000 annual donation “spend”, I wouldn’t bother with a DAF.

Thanks for everyone's responses. Through their investment advisor, I asked again what the effect of turning on the income would be. I didn't ask at the specific question level as recommended by and received the following response: "We received the following back from Brighthouse: If they are taking their annual free withdrawal amount in the form of the SWP payment the death benefit will not fall off until the account value reduces to zero (which triggers annuitization). If they define “taking income through the rider” as annuitizing then at that point the death benefit will fall off. Most people will take the annual free withdrawal amount as long as possible in order to keep the death benefit active and then annuitize once the account...

I don’t know if hybrid is the “Boglehead” way to buy a car.

But i have had a 2020 RAV4 hybrid for over 3 years now, and I just love it. Toyota has a lot of experience with hybrids going back to the original Prius, and it shows in this car. We’re averaging 33 mpg in almost exclusively in town driving.

I haven't looked in a for a week or so but my taxable gains are slightly less than $100k. The taxable gain would push me into the 35% tax rate, my state tax in Ma. 5% , and then we have the IRS 10% penalty. I'm thinking a 1035 exchange would be in my best interest until my tax rate is lower. That’s a REALLY stiff tax. Paying $50k in taxes to get out of the annuity now is a real kick in the behind. If you can nudge that tax rate down by 10%, plus save the penalty tax, that will cut your tax bill by $20k. In my book, that’s worth rolling into the Fidelity product and letting it sit for at least 8 years. You can then draw down over a period of years to further stretch out your tax bill, if you’d like. One further thing to mention. Realize tha...

I've been doing lots of reading and digesting alot. How to decide to surrender the annuity or do a 1035 transfer? As exodusNH said upthread, the first thing to do is to learn what your taxable gain is. The insurance company can tell you that. Whether to surrender now or 1035 exchange depends on whether you want to pay income taxes, including the 10% penalty, now, or continue to defer paying taxes by keeping the funds in an annuity. As I’ve stated many times, taxable annuities defer, but do not avoid, taxes. By surrendering now, you’ll be out of the annuity world and can invest the proceeds however you like. But exchanging to another product can avoid the 10% penalty tax, assuming you keep the annuity for at least 8 years. You might also ex...

ttravaille wrote: ↑Thu Mar 23, 2023 1:19 pm Americo. Agent submitted my application 1/27, Americo promising to get review / approval done each week. Still waiting. Does not instill confidence on the WD side. So - I'm going with SBLI instead. Note: My experience with American Equity, Ocean, and SILAC was positive. Americo definitely an outlier - something is wrong.

You’re not the first to report ridiculously long processing delays with Americo.

Sounds like a company to stay away from.

I have a policy with SBLI. The time to issue the policy and service has been just fine.

Tom_T wrote: ↑Thu Mar 23, 2023 8:00 am My health is excellent. I exercise and I don't take any medications.…….

- Medicare Advantage from Blue Cross will cost me 420/year. Max OOP is 6700. Annual medical deductible is zero. I live in NJ, there are plenty of doctors around, and all my doctors are in this plan. It does include routine dental and eye care……

I feel like I'll end up spending a lot more on Medigap without really needing it, especially prescriptions.

I think that you’re an ideal candidate for Medicare Advantage.

My situation is similar to yours, and I chose MA from my local Blue Cross. I’m very satisfied with my decision.

As an update to prior posts on this thread, I fortunately ended up having a whipple rather than a total pancreatectomy. Unfortunately, this has not made getting additional life insurance any easier since there’s a risk of my remaining pancreas having further issues. After having discussions with a few different agents/advisors, a couple of them independent and one with NW Mutual’s private wealth group, there doesn’t appear to be a path forward on that front within the next couple of years. When presented with the scenario, all companies said it would be a No until 3-5 years have passed since surgery (which medically doesn’t make much sense given my risk increases as time goes on, but that’s a different story). My firm’s open enrollment per...

LVW Advisors, the firm whose founder was quoted in the WSJ, charges a fee of 1% on portfolios of up to $10 million per the firms SEC disclosures.

I’m sure that they’ll do an EXCELLENT job of picking individual stocks.

Is it possible your dad received two checks that total to the amount on the Form 1099-R? Asking the issuer to explain the amounts and to correct, if necessary, the Form 1099-R is the appropriate first step. If you believe it is incorrect and the issuer does not issue a timely corrected Form, read this IRS Tax Tip for guidance: https://www.irs.gov/newsroom/what-to-do-when-a-w-2-or-form-1099-is-missing-or-incorrect#:~:text=Taxpayers%20may%20need%20to%20file,U.S.%20Individual%20Income%20Tax%20Return. No, he only received one check. I actually dealt with Equitable on this in 2022 because my dad is elderly and cannot hear well on the phone. They had my dad verify that I was authorized to act on his behalf. Yesterday and today I explained what t...

Was there a policy loan on the policy? If there was, it would be netted from the gross cash value when the policy is surrendered.