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Non qualified annuity taxes
I have non qualified annuity 2 yrs old put in 100,000 cash do to reason had to take early withdrawal 50,000 I'm 55 so they took 10% early withdrawal plus surrender charge received 42,000
Received 1099
Box 1 42,000
Box2 taxable is blank
Box 2b taxable not determined is checked
Box 7 codes 2 of them D and 1
If I plug numbers in turbo they saying I still owe 10% when it was already with held plus tax on 42,000
I was told by the community to enter 0 in taxable amount just want to see if it is correct
March 18, 2024
1:53 AM