topic Form 1099 R in Get your taxes done using TurboTax

Form 1099 R

MRT — Thu, 04 Mar 2021 03:32:07 GMT

I received a form 1099-R on an annuity that was closed and rolled into another annuity. The initial annuity was a tax deferred annuity that had matured and the entire amount of the annuity was rolled into a different tax deferred annuity. No money was withdrawn. I received this 1099-R form showing the full amount of distribution that was withdrawn from the original annuity and shows a distribution code of 6. Where do I enter this form on Turbo Tax. I tried entering it under the Investment Income section but the boxes on the 1099-R form do not match what I am being asked when trying to enter this.

Re: Form 1099 R

macuser_22 — Thu, 04 Mar 2021 03:33:49 GMT

A code 6 is a non-taxable exchange.

Enter a 1099-R here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]Enter a 1099-R here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

Re: Form 1099 R

MRT — Thu, 04 Mar 2021 03:55:23 GMT

I entered the information in the area you indicated. However, the questions that came up after I entered it pertaining to section 2a and 2b being left blank are confusing. I entered 0.00 in 2a and checked the box Total distribution in 2b. The 0.00 answer came up when asking me to verify the information but the only option given for 2b was taxable amount not determined. There is no taxable amount shown. On the Form 1099-R it only shows 0.00 and a check in the total distribution box and that is what I entered.

Re: Form 1099 R

macuser_22 — Thu, 04 Mar 2021 04:11:59 GMT

What is in box 2a on the 1099-R you received?

The IRS instructions say: For section 1035 exchanges that are reportable on Form 1099-R, enter the total value of the contract in box 1, 0 (zero) in box 2a, the total premiums paid in box 5, and Code 6 in box 7.

If your box 2a is not zero, then contact the insurer of the 1099-R for a corrected 1099-R. You cannot change it yourself because the IRS gets a copy form the payer and they must match.

Re: Form 1099 S

MRT — Thu, 04 Mar 2021 04:15:44 GMT

I sold some timber on a farm that I inherited from my parents. Where do I enter the 1099-S? This is not a working farm - just timber land.

Re: Form 1099 R

MRT — Thu, 04 Mar 2021 04:19:43 GMT

The amount shown in box 2a is 0.00 and that is what I showed when I entered it into Turbo Tax.