How do I report my Ameriprise certificate surrender?
The answer to this question depends on the issue date of the certificate. If your certificate was issued during or after 1976: Interest is taxed annually. A surrender is generally treated as a sale of a security at par with no gain or loss, see the exception listed below. The IRS requires the withdrawal to be listed on your Schedule D (IRS Form 1040). You can write directly on your Schedule D that “there is no capital gain or loss” and “the certificate was withdrawn at par producing no capital gain or loss.” Any outstanding loan is treated the same as the surrender. If you acquired the certificate from someone other than us (for example, due to inheritance, gift or divorce), there may be different treatment. However, for certificates issued before 1976, the tax treatment is different. If your certificate was issued after 1954 and before 1976: Interest earned over the life of tax-deferred certificates (those issued before 1976) is reported in the year the certificate is surrendered. Thi
The answer to this question depends on the issue date of the certificate. If your certificate was issued during or after 1976: Interest is taxed annually. A surrender is generally treated as a sale of a security at par with no gain or loss, see the exception listed below. The IRS requires the withdrawal to be listed on your Schedule D (IRS Form 1040). You can write directly on your Schedule D that “there is no capital gain or loss” and “the certificate was withdrawn at par producing no capital gain or loss.” Exception: any outstanding loan is treated the same as the surrender. If you are filing electronically, remember that generally, the amount of your cost basis is equal to the amount you took out. You can enter the amount of the sale on Schedule D (IRS Form 1040) in “Column E “(Cost or other basis) and enter (0) as the amount of gain/loss in “Column F”. If you acquired the certificate from someone other than us (for example, due to inheritance, gift or divorce), in addition to the i
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