turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

CL7
Level 3

tax on annuity

I received my first annual annuity payment of $5,000 in 2024, which will continue until I pass away, with the remaining funds going to my descendants. The total annuity cost is $50,000, plus a $2,000 premium enhancement and a 7% charge.
According to IRS rules, my first payment may be a fraction of the payment period multiplied by my exclusion percentage to determine the tax-free portion. I found that my taxable amount is $2,045.45.    
On my 1099-R form, the gross distribution and the taxable amount are both $5,000. Where can I enter the corrected taxable amount of $2,045.45 in TurboTax? Thank you!       
                     
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question