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Level 2

Solved

IRA Annuity earnings

2 replies
72 views

Hello, I have an annuity from Southern Farm Bureau Insurance. It says it is an IRA contract type, and earned $420 dollars which was rolled over. Where does that income go into turbo tax or is it not considered income?

TurboTax Home & Biz Windows

VolvoGirlAnswer

Level 15

Expert Reviewed

No you don’t report that. You only report distributions or withdrawals. You will get a 1099R for those. That’s one of the advantage of a IRA. You don’t report interest or dividends or buy or sells that happen. It grows tax deferred.

VolvoGirlAnswer

Level 15

Expert Reviewed

No you don’t report that. You only report distributions or withdrawals. You will get a 1099R for those. That’s one of the advantage of a IRA. You don’t report interest or dividends or buy or sells that happen. It grows tax deferred.

kittysocksAuthor

Level 2

Thanks so much. I thought that was the case, but I didn't want to make a mistake.