I have a non-qualified annuity and surely paid it with after-tax money. When I receive my 1099-R, it states the entire income is taxable. Box 1 and 2a are the same amount. This would mean I am been taxed twice. How could it be?
Since you have a non-qualified annuity, your taxable amount should only be the amount of growth on the account.
The brokerage that has your account should be able to assist you with that information and why they have put the distribution amount and the taxable amount as the same amount.
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