I have an annuity that was designated a IRA . It was purchased in one lump sum and using after tax dollars. For 3 years now, I am in a payout phase. Income is reported on 1040 Line 5A. Over the years I have been making 'non-deductible' contributions to 'traditional IRA's and reporting the amount on Form 8606.
Question is now that I am 72, and subject to RMD's, how does the annuity payout dealt with in reference to Form 8606 when I am reporting RMD's distributions starting in 2022 tax year. The adviser on the annuity says the payout counts towards the RMD's overall. But Line 7 of 8606 says to report distributions from all traditional IRA's etc. The purchase of the annuity was never added to the total on the 8606 as it was not an IRA in my eyes.
Hopefully you understand the question.
One other related question. May I still put money into an IRA that is NOT deductible since I do not have any earned income? Thanks
