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Chet101
New Member

How does one adjust line 7 marked 7d on a 1099-r for the first annual non qualified annuity payment that was paid for with after tax money?

 
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ReginaM
Expert Alumni

How does one adjust line 7 marked 7d on a 1099-r for the first annual non qualified annuity payment that was paid for with after tax money?

To change your 1099-R in TurboTax, follow these steps:

  1. While in your Tax Home,
  2. Select Search from the top right side of your screen,
  3. Enter 1099-R,
  4. Select Jump to 1099-R,
  5. Follow the On-Screen Prompts to complete this section, when you get to Box 7, use the drop down menu to select D.  Annuity payments from a non-qualified plan.

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How does one adjust line 7 marked 7d on a 1099-r for the first annual non qualified annuity payment that was paid for with after tax money?

Unless the plan calculated the taxable amount in box 2a then you would use the "general rule" for a non-qualified annuity with a after-tax basis if box 2a is blank and box 2b (not determined) is checked.  You do not change the box 7 codes.

 

See IRS Pub 939.

https://www.irs.gov/pub/irs-pdf/p939.pdf

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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