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Are 1099R's from Universal Life Policies entered in TurboTax as annuities?

Just want to make sure these are entered as Annuities

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Are 1099R's from Universal Life Policies entered in TurboTax as annuities?

It is not an Annuity if you are getting one payment, however the 1099R is still entered in same section as listed below.

 To enter pension and annuity Payments (1099-R)

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Retirement Plans and Social Security
  • On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

EDITED:  1-31-2017 10:21 AM (CST)

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3 Replies

Are 1099R's from Universal Life Policies entered in TurboTax as annuities?

It is not an Annuity if you are getting one payment, however the 1099R is still entered in same section as listed below.

 To enter pension and annuity Payments (1099-R)

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Retirement Plans and Social Security
  • On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

EDITED:  1-31-2017 10:21 AM (CST)

Are 1099R's from Universal Life Policies entered in TurboTax as annuities?

Not getting regular payments, was a cash out to fund a LTC Policy.  Same answer?

Are 1099R's from Universal Life Policies entered in TurboTax as annuities?

The 1099R is still reported in the same section in TurboTax.  I will add that to the answer above.  A full distribution from a Universal Life is a Non-Qualified Plan, which the program will ask you after the 1099R is entered.
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