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Requirement Minimum Distribution from an annnuity
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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Requirement Minimum Distribution from an annnuity
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.
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Requirement Minimum Distribution from an annnuity
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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