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posted Apr 13, 2024 11:38:47 AM

We bought an annuity from lincoln benefit, and began withdrawing in 2023 , what is basis of retirement income?

we purchased ourselves an annuity, not part of any company retirement plan, what basis is this distribution?

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Expert Alumni
Apr 19, 2024 6:43:24 AM

Yes, when you buy a non-qualified annuity, the basis is the amount of your investment in the annuity. This amount should be listed in box 5 of Form 1099-R.