1099-R

[jade1264]

1099-R- If I pre-paid for my insurance before I receive my retirement payment, should that be automatically deducted in box 5.  I never received that money.   

[JohnB5677]

Yes, if there is a basis, or non taxable portion of the 1099-R, it will be reflected in Box 5.

Box 5. Generally, this shows the employee’s investment in the contract (after-tax contributions), if any, recovered tax free this year; the portion that’s your basis in a designated Roth account; 

the part of premiums paid on commercial annuities or insurance contracts recovered tax free; 

the nontaxable part of a charitable gift annuity; or the investment in a life insurance contract reportable under section 6050Y. This box doesn’t show any IRA contributions. If the amount shown is your basis in a designated Roth account, the year you first made contributions to that account may be entered in box 11.

Please refer to IRS 1099-R instructions for Box 5.