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New Member
posted Mar 24, 2024 6:43:56 AM

My annuity had matured so I was told I would not have a penalty.

Why do i owe taxes on a matured annuity

0 2 618
2 Replies
Expert Alumni
Mar 24, 2024 7:19:14 AM

We'd love to help you complete your tax return, but need more information. Can you please clarify your question?

 

What code do you have in box 7 of your 1099-R form?

Level 15
Mar 24, 2024 11:21:42 AM

Did you take it out?  You might not owe a early withdrawal penalty to the annuity plan but it may be taxable and a 10% early withdrawal tax penalty if you were under 59 1/2.   What code is in box 7 ?  Did you move it to another account like a IRA?