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New Member
posted Jun 4, 2019 11:04:04 PM

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?

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1 Best answer
New Member
Jun 4, 2019 11:04:07 PM

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.

2 Replies
Level 15
Jun 4, 2019 11:04:06 PM

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

New Member
Jun 4, 2019 11:04:07 PM

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.