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Recent Blogs About Taxes

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6 min read

Annuities and Taxes: What You Need to Know

Tax season is here, and most folks are starting to wonder what they need to account for, which accounts are subject to taxes, and how their life insurance and annuities factor into the tax filing pict...

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Apr 04, 2024 | 6 min read

Annuities and Taxes: What You Need to Know

Tax season is here, and most folks are starting to wonder what they need to account for, which accounts are subject to taxes, and how their ...

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Mar 07, 2024 | 6 min read

What is a Required Minimum Distribution? 7 Things to Know About RMDs

Whether you’re approaching retirement or you’re already well accustomed to your new lifestyle after working, there are important things you ...

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Feb 29, 2024 | 7 min read

What is the Role of Life Insurance for Financial Wellness?

What actions have you taken recently to ensure your financial wellness? This might include opening up a savings account, making contribution...

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Feb 15, 2024 | 6 min read

Do You Pay Taxes on Life Insurance? All About 1099s

Once again, tax season is here. If you’re like a lot of Americans, you probably have questions about life insurance and any payouts you’ve r...

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Jan 04, 2024 | 6 min read

Tax Advantages of Life Insurance & Annuities

When considering how to prepare for your financial future, saving money on taxes is one strategy you want to leverage. That money saved can ...

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Apr 20, 2023 | 6 min read

What to Do if You Miss the Income Tax Return Filing Deadline

April can be a stressful month for many Americans because, every year, it’s the month that their income taxes are due for submission to the ...

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Apr 10, 2023 | 5 min read

Using Qualified and Non-Qualified Retirement Plans to Your Advantage

When setting up retirement savings and income streams to prepare for life after work, there are a lot of terms your financial advisor or pla...

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Feb 23, 2023 | 5 min read

Taxes 2022: What You Need to Know to Prepare to File

Death and taxes. We can count on both coming around eventually and, much like life insurance itself, it’s best to be prepared. Still, when i...

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Mar 31, 2021 | 3 min read

Are Life Insurance Benefits Taxable?

One of the great benefits of life insurance is that in most cases, it allows you to transfer a sizable amount of money to a beneficiary with...

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ELCO Mutual and its representatives are not legal or certified tax professionals. For tax and/or legal advice, please contact a licensed professional. ELCO Mutual contracts with independent licensed insurance producers and does not guarantee nor certify them as financial planners. Not insured by the FDIC or associated with any government program or agency. Annuities are not associated with a bank. Withdrawals taken from annuities before the age of 59 1/2 are subject to the IRS's 10% excise tax. Individual Retirement Accounts (IRAs) cannot be opened past the age in which Required Minimum Distributions (RMDS) begin. Dividends are declared by the company's board of directors and are not guaranteed. When purchasing a single premium whole life policy, please note that the policy is a Modified Endowment Contract (MEC). Any distributions taken by the owner may be taxable (including from the accelerated death benefit rider). Death benefits for life insurance contracts are contingent on any due premiums being paid. The information on this website is intended for informational and educational purposes only and is not intended to provide investment advice or a recommendation. Clients seeking advice should consult a licensed professional. All life insurance policies and annuities are underwritten and issued by ELCO Mutual Life and Annuity. Also known as ELCO Mutual Life and Annuity Company in Florida. Policy Forms: Platinum Eagle: (ICC19-SPL-19), Golden Eagle: (ICC19-WLP-19), Silver Eagle: (ICC19-FE19, ICC21-GBWL21, ICC19-MWL19, ICC21-GIWL21m ICC21-SPLR21), Preneed: (PNMPSI20, PNMPGI20, PNSPL20), DFD: (DFD21, DFD0113), Presidio Plus: (ICC21-TSPL21), Guardian Eagle Single Premium: (ICC19-MYGA[term length]-19), Guardian Eagle Flexible Premium: (ICC16-FPA16), and Immediate Annuities: (SPIA11 and ICC17-AIFXB17). Policy forms may vary by state.