We purchased an annuity 3 yrs ago. Amt. in Box 1 includes interest. Taxable amt. is shown in box 2a. Why is the entire amount showing in the retirement income section?

Joyski · ‎February 20, 2024

The annuity matured in 2023 at which time the principle and interest was distributed.

ThomasM125 · ‎February 20, 2024

Income from an annuity is reported on a Form 1099-R "Distributions from Pensions, Annuities, Retirements Plans, etc..."

It shows up on line 5 of your Form 1040 "Pensions and Annuities." As such, it is considered retirement income, so it appears in that section in TurboTax.

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View solution in original post

ThomasM125 · ‎February 20, 2024

Income from an annuity is reported on a Form 1099-R "Distributions from Pensions, Annuities, Retirements Plans, etc..."

It shows up on line 5 of your Form 1040 "Pensions and Annuities." As such, it is considered retirement income, so it appears in that section in TurboTax.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Joyski · ‎February 23, 2024

Thank you for the info. The way it works became clear when I looked at the 1040.

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We purchased an annuity 3 yrs ago. Amt. in Box 1 includes interest. Taxable amt. is shown in box 2a. Why is the entire amount showing in the retirement income section?