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Level 2
posted Aug 5, 2024 4:13:53 AM

1099r box 2a blank

Filed for extension finally got 1099r I have a non qualified annuity put 100,000 I needed 50,000 took withdrawal minus surrender charge other fees net 42000 that was box 1 box 2 taxable is blank 2b checked not determined I know I have to pay 10% early withdrawal when I put numbers in saying I owe taxes on whole distribution that was made after taxes I'm confused company says I have to figure taxable amount 

Box 5 42,000

Box 7. 2 codes D and 1

Need help thanks

 

 

0 1 22721
1 Best answer
Level 15
Aug 5, 2024 5:11:12 AM

You must tell TurboTax that a different amount is taxable and use the General Rule to determine the taxable amount by subtracting your investment in the contract from the $42,000.  The result will be included in your AGI and will be subject to the 10% early-distribution penalty.

1 Replies
Level 15
Aug 5, 2024 5:11:12 AM

You must tell TurboTax that a different amount is taxable and use the General Rule to determine the taxable amount by subtracting your investment in the contract from the $42,000.  The result will be included in your AGI and will be subject to the 10% early-distribution penalty.