Trying to file using Turbo Tax 2018. Delux
I have an annuity from John Hancock Insurance that pays out $937.00 a month. I am having this money go into my IRA. The IRA is with Morgan Stanley. I am pulling money out of my Morgan Stanley IRA as I need it.
The 1099-R from John Hancock notes in box 7, “7” Normal Distribution. My issued 1099-R for 2018 is for a total of $11250.00.
The 1099-R from Morgan Stanley notes in box 7, “7” Normal Distribution. My issued 1099-R for 2018 is for a total of $18,052.93.
As noted before the money from John Hancock is actually going into my IRA with Morgan Stanley.
I know in May, Morgan Stanley issues me a Form 5498 showing this money from John Hancock is being rolled over.
My question is how do I list the John Hancock 1099-R? Do I list it on my Turbo Tax? Do I change the designation on my tax form to “G”? It does not seem right that I get taxed twice on this money.
No, do not change the code in box 7 to G. After you entered the information from the John Hancock 1099-R click continue until the question "What Did You Do With The Money From This Payer?" and answer "I moved it into another retirement account" and then choose "I rolled over all of this money to another traditional IRA or other retirement account". This will make the John Hancock distribution a nontaxable rollover.
No, do not change the code in box 7 to G. After you entered the information from the John Hancock 1099-R click continue until the question "What Did You Do With The Money From This Payer?" and answer "I moved it into another retirement account" and then choose "I rolled over all of this money to another traditional IRA or other retirement account". This will make the John Hancock distribution a nontaxable rollover.