I rolled over the assets in my existing retirement annuity into a new annuity with the same life insurance company. It was a straight-up exchange; there was no distribution of any kind.
I received a 1099-R from the insurance company, which reports the exchange. The Box 7 Distribution Code bears the number 6, indicating it was a simply a 1035 Exchange. The taxable amount in Box 2A is $0.
Must I personally enter this 1099-R on Form 1040 or was information already provided to the IRS by the insurance company sufficient?
Thanks!
Yes, you should enter the 1099-R. The IRS will look for the distribution on 4a or 5a even though the taxable amount is zero. If you did not enter it, there would be no consequence because as you correctly stated the 1035 Exchange is a non-taxble event, but it is proper to report the distribution.
Yes, you should enter the 1099-R. The IRS will look for the distribution on 4a or 5a even though the taxable amount is zero. If you did not enter it, there would be no consequence because as you correctly stated the 1035 Exchange is a non-taxble event, but it is proper to report the distribution.