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Level 3

Where to enter non-taxable income?

I'm filing back taxes for 2014. My state assumed I made a high income, due to the fact that I paid high mortgage interest payments that year, and they have extrapolated that out to assume I owe them over $10,000.


My income that year was in the form of a non-taxable structured settlement annuity, for which no 1099s or other reporting paperwork was issued by the annuity company. In all the years I've had the annuity, they have never issued anything like that, because reporting is not required. And therein lies my quandary. Must report it to remove the levy, but can't find a place to report it.


I've read a few threads here about entering that non-taxable income in Miscellaneous Income > Other Reportable Income, and then indicate in the box that it's Annuity Income. I did that, and I also entered the amount in the box below that. But as soon as I did that it showed at the top (of the TurboTax page) that I have taxes due on that amount. Again, it's non-taxable. Oi.


Is there a different place this should be entered, so that the 'tax due' stops showing?

1 Comment
Catalyst V

Where to enter non-taxable income?

Because there are many, many types of annuities and just as many different ways they can be structured, this is not a simple matter of amending your tax return. You need to seek the services of a Tax Attorney. Not a CPA, but a tax *attorney*.