- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Things are not lining up for me. A nonqualified annuity distributes earnings first and those are taxable. So, it sounds like $50,000 of earnings. However, on a $100,000 policy ?!?!?! I either need to invest with them or something is off.
Then you called the company and they said it was "no earnings" so no tax. Which would be correct, if you received basis money.
Perhaps the wrong distribution code was used. I am not impressed with them taking out taxes if it isn't taxable. See Table 1. Guide to Distribution Codes. You may need to get a corrected form 1099-R.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 29, 2024
4:34 PM