558891
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I have a form 1099R. It states I had a gross distribution of $ 562.26. The distribution code is W. It is from Genworth Life Insurance Company. What do I do with it?

Do I claim this for turbo tax?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
SeanE1
New Member

I have a form 1099R. It states I had a gross distribution of $ 562.26. The distribution code is W. It is from Genworth Life Insurance Company. What do I do with it?

A 1099 with a distribution code of W is a non-taxable transfer.  However, I would include this 1099 on your income tax return and Turbotax will handle it correctly by listing it and not taxing you for it.  The reason I suggest that you still include it on your tax return is because the IRS also gets a copy of your 1099, and if they see that it's not included on your tax return, they may come calling on you.

View solution in original post

2 Replies

I have a form 1099R. It states I had a gross distribution of $ 562.26. The distribution code is W. It is from Genworth Life Insurance Company. What do I do with it?

W—Charges or payments for purchasing qualified long-term care insurance contracts under combined arrangements
SeanE1
New Member

I have a form 1099R. It states I had a gross distribution of $ 562.26. The distribution code is W. It is from Genworth Life Insurance Company. What do I do with it?

A 1099 with a distribution code of W is a non-taxable transfer.  However, I would include this 1099 on your income tax return and Turbotax will handle it correctly by listing it and not taxing you for it.  The reason I suggest that you still include it on your tax return is because the IRS also gets a copy of your 1099, and if they see that it's not included on your tax return, they may come calling on you.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question