RE: Annuity information what do we put if the first year of payments started in 2024?

Forum|Forum|2 months ago
May 1, 2026
1 reply
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I don't know what to put in the tax fee amount previously recovered re: annuity

TurboTax Online

RachelW33

Alumni - Expert

If you used TurboTax to prepare your 2024 Tax Return, look for a document titled Simplified Method Worksheet. The amount taken tax free for 2024 (your first year of the annuity) will be listed on Line 10 of that worksheet. Please see: How do I view, download, or print a prior-year tax return?

If you did not file with TurboTax or can't find the worksheet, since it was your first year of the annuity, you can compare Line 5a (Total distributions) and Line 5b (Taxable amount) on your 2024 Form 1040. The difference between these two lines represents the tax-free portion you recovered. As long as this was the only annuity reported on your 2024 Form 1040, this will give you the information you are looking for.

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