ACORD 1035 PDF – Exchange / Rollover / Transfer eForm

ACORD 1035 (2024/01)

EXCHANGE / ROLLOVER / TRANSFER eFORM

Form Number:

ACORD 1035 (2024/01)

Category:

Transfer Form

Last Updated:

January 2024

Page Count:

04 Page

File Format:

PDF, Fillable PDF

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ACORD 1035

The Acord 1035 is a standardized document used to facilitate a tax-free transfer, rollover, and exchange of life insurance annuity contracts between financial institutions. It ensures compliance with IRS Section 1035, allowing policyholders to move funds from one qualifying account to another without creating an immediate taxable event. Additionally, this form is important for transferring a life insurance or annuity contract, a TSA /403(b) account, or performing a direct rollover. Completing this form helps avoid unnecessary delays, ensuring faster funds transfer. Fill out and download the fillable form online to complete a faster and safer transfer.

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Benefits of The Acord 1035 PDF

Clear Ownership & Assignment Rights

The form has a dedicated section for owner, joint owner, and annuitant information that eliminates uncertainty over policy ownership. When a policy is assigned to a new institution, all benefits, rights, and obligations are properly documented.

Tax-Free Transfers

The Acord transfer form enables tax-free transfers under IRS Section 1035, facilitating a tax-free exchange of life insurance or annuity contracts, allowing policyholders to transfer funds from one qualifying account to another without facing tax penalties.

Partial Vs. Full Exchanges

This form provides specific checkboxes to indicate whether the transfer is full, partial, or based on a penalty-free amount, eliminating misunderstandings between the policyholder and the financial institutions.

Key Sections of The Acord 1035 Exchange/Rollover/Transfer eForm

Surrendering Company Details

This section contains information about the existing company holding the contract, including name, address, and account number.

Receiving Company Section

It describes where the funds are being transferred, including product type, contract number, and policyholder information.

Transfer Details

This section contains checkboxes for selecting a full, partial, or penalty-free transfer, including the estimated transfer amount.

Acknowledgements & Disclosures

It specifies essential IRS and tax-related notices, cost-basis responsibilities, and partial exchange examples.

How To Complete The Acord 10355 Fillable Form?

  1. Receiving Company Information: Fill in the receiving company’s name, complete business address, mailing address, and overnight address.
  2. Transfer information: Indicate the transfer type, such as full, partial, or penalty-free exchange. Also, write the new/existing contract number and the receiving carrier DTCC number.
  3. Surrendering Company Policy/Account/Contract Information: Fill in the surrendering company name, account or contract number, complete address, phone numbers, surrendering plan type, product type, estimated amount of transfer, owner name, SSN, joint owner name, and other required details.
  4. Transfer/1035 Exchange Surrendering Instructions: Indicate the transferring type, including the total amount based on the product.
  5. Transfer Timing: Select the transfer timing for transferring funds on a specific date or ASAP.
  6. Acknowledgement: Review the guidelines and cost basis rules to confirm understanding by initial signing, where required.
  7. Taxpayer Certification: Provide your taxpayer identification number.
  8. Signatures: The form requires the owner’s, spouse’s, trustee’s, and receiving company representative’s signatures.
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Frequently Asked Questions

It is used for tax-free transfer or exchange of life insurance or annuity between financial institutions, ensuring compliance with IRS Section 1035, without creating an immediate taxable event.

Of course, the form is required whenever a policyholder initiates a 1035 exchange, rollover, or transfer involving qualified or non-qualified accounts.

Of course, it allows policyholders to choose a full or partial transfer. For partial exchanges, you can specify the amount or percentage to be transferred, ensuring flexibility based on financial needs.

Yes, the form accepts e-signatures that are under the eConsent section.

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