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Received a 1099-R from an annuity that I turned over to my brother. How do I know exactly what is the amount of tax I am paying on this annuity withdrawal?

 
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New Member

Received a 1099-R from an annuity that I turned over to my brother. How do I know exactly what is the amount of tax I am paying on this annuity withdrawal?

This is ordinary income to you. Tax amount depends on your overall tax bracket.

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New Member

Received a 1099-R from an annuity that I turned over to my brother. How do I know exactly what is the amount of tax I am paying on this annuity withdrawal?

This is ordinary income to you. Tax amount depends on your overall tax bracket.

View solution in original post

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Level 15

Received a 1099-R from an annuity that I turned over to my brother. How do I know exactly what is the amount of tax I am paying on this annuity withdrawal?

I suggest you complete the entire return without it ... look at the refund/bal due amount ... then add that form to see the difference ... that is the amount it affected you.

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Level 15

Received a 1099-R from an annuity that I turned over to my brother. How do I know exactly what is the amount of tax I am paying on this annuity withdrawal?

Enter the 1099-R as received.   It may or may not be taxable depending on the amount in box 2a.  What you with the money is up to you.  Gifts are not deductible.


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.]

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**