Can I be taxed for a non-qualified annuity which rolled over with the same company this year?
On box 7 of the 1099-R what does the code 6 refer to and why is this whole amount being counted as income?
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1 Replies
DavidD66
Expert Alumni
Apr 7, 2021 7:47:38 PM
Code 6 in Box 7 of a 1099-R is "Section 1035 exchange (a tax-free exchange of life insurance, annuity, qualified long-term care insurance, or endowment contracts)." The distribution will show as "income" but not as "taxable income".