Requirement Minimum Distribution from an annnuity

jacartwright · ‎February 4, 2021

I have an annuity that paid me an RMD in 2020. Some of this annuity I paid for with after tax dollars which comprise part of the cost basis for this annuity. Where does Turbo Tax account for the return of principle from the money I put in post tax?

DavidD66 · ‎February 4, 2021

The Form 1099-R the insurance company sent you should report the gross distribution and the taxable amount of the distribution. The difference between the two is the return of basis.

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acartwr501 · ‎February 4, 2021

Thanks David but there is no "taxable amount" on the 1099-R. The 1099-R says only "taxable amount not determined. I have tracked my cost basis (post tax contributions).

So where can I enter the cost basis in Turbo Tax so I don't have to pay on the total distribution?

Thanks Alan

Requirement Minimum Distribution from an annnuity

Retirement tax questions

Retirement tax questions