This is a Life to Life where Distribution of 33,039 was sent directly to the new insurer. I entered the info from the 1099-R as shown to
Box 1 Gross Distribution $33,039 Box 2 Taxable Amount $0.00
Box 2b Total Distribution Box 5 $24,808 and
Box 7 "6 - Section 1035 Exchange.
The entire $33,039 is included in my Retirement Income
What did I do wrong and how do I fix it?
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Look on the 1040 line 16. 16b (taxable amount) should be zero or blank.
The income summary screen will show the box 1 amount as income because it is income, but not taxable income.
Look on the 1040 line 16. 16b (taxable amount) should be zero or blank.
The income summary screen will show the box 1 amount as income because it is income, but not taxable income.
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