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Retirement tax questions
What code is in box 7?
There is no such thing as a "non-qualified IRA annuity". Any IRA is qualified even if there is an annuity held within the IRA. A Traditional IRA will always have the IRA box checked and the same amount in both box 1 ans 2a and box 2b checked. It does not sound like this is an IRA. If held in a Roth IRA then box 7 would be a code J, T or Q.
If box 7 is a code "D" then it is a non-qualified annuity. The box 1 amount should be on line 16a and box 2a on 16b on the 1040 form (line 12a/b on 1040A). What is on your 1040?
There is no such thing as a "non-qualified IRA annuity". Any IRA is qualified even if there is an annuity held within the IRA. A Traditional IRA will always have the IRA box checked and the same amount in both box 1 ans 2a and box 2b checked. It does not sound like this is an IRA. If held in a Roth IRA then box 7 would be a code J, T or Q.
If box 7 is a code "D" then it is a non-qualified annuity. The box 1 amount should be on line 16a and box 2a on 16b on the 1040 form (line 12a/b on 1040A). What is on your 1040?
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎June 4, 2019
6:06 PM