Preparing for Tax Season: Important Reminders from GCU

As the year draws to a close, we at GCU want to wish you and your loved ones a very Merry Christmas and a joyous holiday season. It's also time to start preparing for the upcoming tax season. We're dedicated to supporting our members by ensuring you receive all necessary information and documents in a timely manner. Here's what you can expect from us, in the order we'll be sending them:

1. Required Minimum Distribution (RMD) Reminder Letters
Our first priority in January is to mail RMD reminder letters to all members aged 72 and older who own a traditional Individual Retirement Account (IRA) with us. These letters will provide important information about the IRS requirement to take a minimum distribution annually.
If you haven't already, we encourage you to consider establishing a systematic withdrawal for your RMD. Setting up automatic withdrawals ensures that your required minimum distribution is processed each year without any additional effort on your part, helping you avoid potential penalties for missed distributions.

2. Tax Documents
Following the RMD letters, we'll focus on preparing and mailing out tax documents. One of the great benefits of our products is their tax-deferred growth—you don't pay taxes on earnings until you take a distribution. Therefore, only members who took a distribution in 2024 should expect to receive a Form 1099-R from us. Our goal is to place these important documents in the mail no later than January 31, 2025.

3. Annual Statements for Fixed Annuities
Lastly, we'll send out annual statements to all members who own one of our fixed annuities. These statements provide a detailed summary of your account activity over the past year, including contributions, interest earned, and your current balance. Reviewing this information can help you make informed decisions about your financial future.

Access Your Documents Online
We're excited to announce that all three of these documents will also be available on our newly updated member portal at Members.GCUusa.com. You can conveniently access your RMD letters, tax documents, and annual statements online anytime, anywhere. If you haven't registered yet, please visit our website to create your account and take advantage of this new feature.

We're Here to Support You
Thank you for trusting GCU with your annuity and life insurance needs. We value your membership and are here to assist you throughout this tax season and beyond. Wishing you a peaceful end to the year and a prosperous new one ahead!

Jeremy Stephenson | GCU COO