Do I have to file amended 2018 tax returns (federal and state) to reflect a 1035 tax-free exchange reported on a 2018 Form 1099-R?

[pstinson1804]

I have already filed through TurboTax our 2018 federal and state tax returns and we have already received our federal tax refund. Today we received from Navy Mutual Aid Association (NMAA) a Form 1099-R reporting a 1035 tax free exchange of an annuity contract with NMAA, which was finalized in December, 2018.

[LeeM · Accepted solution]

Yes, I would because the IRS will receive that same Form 1099-R and when they don't see it reported, they will send you a letter for an explanation.

I would go ahead and prepare an amendment (once those forms are available and mail it in).

You can find the directions on how to file that amendment in the TurboTax FAQ below:

https://ttlc.intuit.com/replies/3288565