I have an annuity that paid me an RMD in 2020. Some of this annuity I paid for with after tax dollars which comprise part of the cost basis for this annuity. Where does Turbo Tax account for the return of principle from the money I put in post tax?
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The Form 1099-R the insurance company sent you should report the gross distribution and the taxable amount of the distribution. The difference between the two is the return of basis.
Thanks David but there is no "taxable amount" on the 1099-R. The 1099-R says only "taxable amount not determined. I have tracked my cost basis (post tax contributions).
So where can I enter the cost basis in Turbo Tax so I don't have to pay on the total distribution?
Thanks Alan
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