Just enter your 1099-R exactly as it appears. You should have a code 6 in Box 7.
Here's how to enter your 1099-R in TurboTax:
- Open (continue) return if you
don't already have it open.
- Inside TurboTax, search for 1099-R or 1099R (lower-case works too) and
then click or tap the "Jump to" link in the search results.
- Answer Yes on the Your 1099-R screen, then click or tap Continue.
What is a 1035 Tax Free Exchange?
A
1035 tax free exchange is the I.R.S. tax code that allows for the rollover
of a non-qualified annuity (or transfer of a life insurance policy)
to a new annuity or life policy of equal or greater value. Capital gains and/or
income taxes will not be realized from this type of transfer when completed
properly.
There
are only three examples of a 1035 exchange:
- Annuity to Annuity
- Life Insurance to
Life Insurance
- Life Insurance Cash
Value to Annuity
The
I.R.S. does not allow for a 1035 exchange from a tax deferred annuity to any
type of life insurance policy. If you want to buy a life insurance policy with
the proceeds from an existing annuity, you will first have to annuitize (or
surrender) your annuity and pay taxes on any deferred gains.
https://www.ohioinsureplan.com/understanding-the-1035-tax-free-annuity-and-life-insurance-exchange/
