I have a form 1099R. It states I had a gross distribution of $ 562.26. The distribution code is W. It is from Genworth Life Insurance Company. What do I do with it?

fat_sister · ‎June 4, 2019

Do I claim this for turbo tax?

SeanE1 · ‎June 4, 2019

A 1099 with a distribution code of W is a non-taxable transfer. However, I would include this 1099 on your income tax return and Turbotax will handle it correctly by listing it and not taxing you for it. The reason I suggest that you still include it on your tax return is because the IRS also gets a copy of your 1099, and if they see that it's not included on your tax return, they may come calling on you.

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SweetieJean · ‎June 4, 2019

W—Charges or payments for purchasing qualified long-term care insurance contracts under combined arrangements

SeanE1 · ‎June 4, 2019

A 1099 with a distribution code of W is a non-taxable transfer. However, I would include this 1099 on your income tax return and Turbotax will handle it correctly by listing it and not taxing you for it. The reason I suggest that you still include it on your tax return is because the IRS also gets a copy of your 1099, and if they see that it's not included on your tax return, they may come calling on you.

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I have a form 1099R. It states I had a gross distribution of $ 562.26. The distribution code is W. It is from Genworth Life Insurance Company. What do I do with it?