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Question

What does "tax-free amount previously recovered" mean?

Forum|Forum|7 years ago
June 3, 2019
1 reply
13 views

what does "tax-free amount previously recovered" regarding an annuity mean?

TurboTax Premier Online

A

Anonymous

The tax free portion of an annuity is essentially your cost basis in the annuity. As you receive distributions, some of them may go towards recovering your cost and those portions are tax free. It's really asking if you've gotten your money back yet.