I had no problem on the Federal return as it accepted the Code "6" in Box 7 Distribution Code & didn't count the Gross Distribution as Income. The State (PA) return was a different matter. TurboTax eventually took me to a Gain and Loss Summary screen. When you click on "Edit", I got the Schedule of Gains/Losses screen which pre-filled (with no way to change it) Date Acquired: 01/01/2023 and Date Sold: 12/31/23. Those dates were totally incorrect!! The only thing you could enter was Cost Basis which wasn't even on the 1099-R form! This really was a transfer of the Gross Distribution in Box 1 from one annuity to another annuity with the Taxable Amount in Box 2a $0.00. To get through this, a Cost Basis had to be entered so I put what we paid when we first opened the annuity on 9/15/2016. The annuity was closed 6/29/2023. This was very frustrating as none of this information was on the 1099-R form or explained very well as you're "walking" through the process on TurboTax!!
Do we have any PA 1035 experts out in the Community? I'd like someone's point of view. Thanks!
posted
last updated
April 15, 2024
4:04 PM
