HOW DO I : VIEW MY ACCOUNTS ONLINE?
Go to www.lfg.com Click on ‘Register Now’ if you do not currently have a login and follow the steps.
Have your account number and social security number ready.
HOW DO I: CHANGE MY INVESTMENT ELECTION OR ALLOCATION OF FUNDS?
Call our office at (800) 436-9340 and ask for the Wycliffe department. They will give you information.
HOW DO I: GET A NEW PIN NUMBER FOR ONLINE ACCESS?
Go to www.lfg.com to the account login section. You will be prompted.
How Do I: Report conversions from Lincoln National IRA on my taxes?
As you are aware, we converted some of your IRA at Lincoln National into your Roth IRA at Lincoln National. This resulted in a taxable event and as such needs to be correctly reported on your 2021 tax return.
You will receive IRS Form 1099-R from Lincoln National reporting the amount that was converted from your IRA. The amount converted should be reported in box 1 of the 1099-R as the Gross Distribution. That same dollar amount should also be in box 2a as the Taxable Amount and box 2b will show “taxable amount not determined.” Box 7’s Distribution Code will be “7” if you are over age 59 ½. If you are under age 59 ½ the code will be “2”.
On your IRS Form 1040 for 2021 the amount converted needs to be reported on both line 4a and 4b.
You will also need to complete IRS Form 8606 and submit this form with your tax return.