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redchair3
New Member

I have a 1099R form but reinvested to another company. Have 1035 Statement. Money went from one account to another. How do I enter?

 
1 Reply
HelenaC
New Member

I have a 1099R form but reinvested to another company. Have 1035 Statement. Money went from one account to another. How do I enter?

To enter your rollover:

  • Type 1099-r in the search box and click search.
  • Click on Jump to 1099-r.
  • At the choose your bank or brokerage screen, click on I'll type it in myself.
  • Enter your 1099-R form exactly as shown. If the form has Box 7 with code G, Rollover, TurboTax will automatically enter it as a Rollover on your income tax form.
  • If you form does not have Box 7 with code G, Rollover, on the What Did You Do With The Money From This Payer? screen, click on I moved the money....  and I rolled over all of the money... See Screenshot below.
  • Continue with on onscreen instructions.

Section 1035 exchange. A tax-free section 1035 exchange is the exchange of: 

(a) a life insurance contract for another life insurance contract, or for an endowment or annuity contract, or for a qualified long-term care insurance contract; or 

(b) a contract of endowment insurance for another contract of endowment insurance that provides for regular payments to begin no later than they would have begun under the old contract, or for an annuity contract, or for a qualified long-term care insurance contract; or 

(c) an annuity contract for an annuity contract or for a qualified long-term care insurance contract; or 

(d) a qualified long-term care insurance contract for a qualified long-term care insurance contract. 

A contract shall not fail to be treated as an annuity contract or as a life insurance contract solely because a qualified long-term care insurance contract is a part of or a rider on such contract. However, the distribution of other property or the cancellation of a contract loan at the time of the exchange may be taxable and reportable on a separate Form 1099-R. 

These exchanges of contracts are generally reportable on Form 1099-R. However, reporting on Form 1099-R is not required if 

(a) the exchange occurs within the same company, 

(b) the exchange is solely a contract for contract exchange, as defined above, that does not result in a designated distribution, and 

(c) the company maintains adequate records of the policyholder's basis in the contracts.

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