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ry_c
Level 1

Should I have received two 1099-R forms to report to the IRS when doing a 1035 exchange from one annuity to another? Or do I only need a 1099-R from the one I sold?

I went from a Talcott Resolution Life & Annuities annuity to a Vanguard annuity with a 1035 exchange.  I only received a 1099-R from Talcott and have entered it manually into turbotax.  Is that all I need to do to report the 1035 exchange?
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dmertz
Level 15

Should I have received two 1099-R forms to report to the IRS when doing a 1035 exchange from one annuity to another? Or do I only need a 1099-R from the one I sold?

Yes, just the one Form 1099-R.  Simply enter the code 6 Form 1099-R and TurboTax will include it on Form 1040 line 4c but exclude it from the taxable amount on line 4d

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dmertz
Level 15

Should I have received two 1099-R forms to report to the IRS when doing a 1035 exchange from one annuity to another? Or do I only need a 1099-R from the one I sold?

Yes, just the one Form 1099-R.  Simply enter the code 6 Form 1099-R and TurboTax will include it on Form 1040 line 4c but exclude it from the taxable amount on line 4d

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