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Returning Member
posted Jun 1, 2019 12:45:49 PM

Is an annuity the same as a IRA? I made an early withdrawal to pay for college expenses I'm hoping the higher edu. exception applies. How do i show that in Turbo tax?

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6 Replies
Level 15
Jun 1, 2019 12:45:51 PM

No. An annuity is not an IRA, but they are both reported on 1099-R forms.

Level 15
Jun 1, 2019 12:45:52 PM

Some IRA's are annuities, though.

Level 15
Jun 1, 2019 12:45:54 PM

Some IRA's can *contain* annuities within the IRA.  Distributions from those are IRA distributions and the IRA/SEP/SIMPLE box on the 1099-R will be checked.

Returning Member
Jun 1, 2019 12:45:55 PM

Do annuities have the higher education expense exception for early withdrawals.  thank you

Level 15
Jun 1, 2019 12:45:56 PM

Only IRA's have that exception.

Level 15
Jun 1, 2019 12:45:57 PM

Enter a 1099-R here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR  Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]