Using the Simplified Method, the monthly annuity is made up of Tax-free part that is a return of my cost and the taxable part.
IRS Publication 721, Part II: Simplified Method states to figure the tax-free part of each full monthly payment by dividing your cost by a number of months based on your age. If annuity starting date is after 1997 and your annuity includes a survivor benefit for your spouse, this number is based on your combined ages.
I am using Turbo Tax Premium, WHERE IN TURBO TAX AM I ABLE TO INPUT COMBINED AGES IN FIGURING THE REDUCTION OF THE COST OF NON-TAXABLE PORTION?
Currently Turbo Tax is only taking into account my husbands age and it should be our combined AGES.
Thanks.
