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Level 1
posted Jun 6, 2019 4:12:09 AM

Rolling a 403b into an annuity.

I took my first RMD from a 403b in 2017 and reported this on my taxes.  Also during 2017 tax year, I rolled all of the remaining funds in the 403b into an annuity, which starts paying in 2018.  Do I need to show in my 2017 taxes that I rolled those funds, thus closing the 403b?

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1 Replies
Level 15
Jun 6, 2019 4:12:11 AM

Yes.  You'll receive a Form 1099-R for the distributions from the 403(b).  Both of these distributions will likely be combined on a single From 1099-R unless the 403(b) was directly rolled over to another qualified retirement account such as an IRA in which the annuity was purchased.  If the was not purchased within another qualified retirement account, the distribution was not rolled over and would be taxable.  If the money was moved to another qualified retirement account (IRA) and the annuity was purchased within that account, then report that portion as having been rolled over.