401k rollover to annuity

Forum|Forum|7 years ago
June 1, 2019
4 replies
47 views

Am I taxed on my 401K distribution if i put it all in an annuity

TurboTax Self Employed Online

Best answer by MargaretL

No, you are not taxed on the distribution if you roll it over to your annuity within 60 days of your distribution. At this point it would be considered a rollover, which is nontaxable transaction.

In TurboTax, once 1099-R reporting 401K distribution is entered, if code G reports your transaction, the rollover is automatically applied and the income is not taxable. Otherwise, you will be asked what you did with the money. Once you answer that you moved the funds to another retirement account, the distribution becomes rollover and is not taxable.

MargaretLAnswer

Level 12

springfever-2016

Level 2

how do I answer the question about rollover to 401k or 403b, if I rolled it over to qualified annuity

JotikaT2

Alumni - Expert

Did you roll the funds over from one account to another?

If so, then Box 7 of your 1099-R form would be marked as a rollover. (Code G or H).

If those boxes are not marked as Code G or H, but you did roll the money over within 60 days, you also should see the following screen as you proceed through the interview screens.

Review your answers here to reflect the rollover.

IRA money