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Level 1

Question

My wifes IRA was converted to an annuity when she retired. are the annuity payments considered distributions from an IRA?

Forum|Forum|3 years ago
January 30, 2023
2 replies
9 views

I am trying to take the savers credit on form8880.

TurboTax Deluxe Online

Level 15

The Savers Credit is based on contributions not distributions.

Level 15

Yes, the annuity payments from the IRA annuity are distributions that are subtracted from the amount of your retirement contributions and subtracted from the amount of your wife's retirement contributions when determining how much of these retirement contributions qualify you and your wife for any Retirement Savings Contributions Credit. The total of these distributions received in 2022 must be include on Form 8880 line 4 in both column a and column b.