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Your annuity provider should have sent you a 1099-R.
The 1099 R will be entered in the Retirement Plans and Social Security section.
• Select Federal Taxes
• Select Wages and Income
• Select Show More at Retirement Plans and Social Security
• Select IRA, 401(k), Pension Plan Withdrawals (1099-R)
This section will also include an annuity distribution.
Form 1099 R is used for all types of retirement accounts. The data entry is the same for distributions from pensions, IRAs, 401ks and annuity distributions.
i’m trying to do my return and it won’t let me and it keeps getting rejected
@TriciaDegroat29 What is the rejection message/code?
My 1099-R has an amount of $5541. The annuity company told me I would only have to pay tax on the earnings which was $541. The amount put into the annuity when purchased was $5000 post tax and should not be counted as income. Also the annuity has past its maturity date.
Where are you seeing the amount of $5,541 on the 1099-R? Is it in box 1 or box 2a? Or somewhere else?
From the information that you provided, I suspect box 1 shows $5,541 and box 2a shows $541.
Please clarify.
Box one shows $5541 and box 2 is empty. The $541 is shown on the earning statement from the institution.
It depends on what form you are referring to. Generally annuities are reported on Form 1099-R. If this is a transfer from one to another it may be on Form 1035. Please clarify in order to correctly respond to your question.
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