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Retirement tax questions
If you converted the IRA annuity to Roth in 2023, the annuity provider is required to have sent you a Form 1099-R because the transaction constitutes a reportable distribution from the traditional IRA annuity. Only if the original annuity was already a Roth IRA annuity would no reporting be required.
If the original annuity was a nonqualified annuity, it's possible that no reporting would be required if the distribution from the old annuity was less than your investment in the contract, but the deposit into a Roth IRA annuity would then be a regular Roth IRA contribution subject to regular Roth IRA contribution limits.
March 10, 2024
10:35 AM