IRA Annuity earnings

[kittysocks]

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?

[VolvoGirl · Accepted solution]

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.   

[kittysocks]

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