topic $40,000 of our original funds to purchase an annuity was listed as income - putting us into a higher bracket - how to amend? in After you file

$40,000 of our original funds to purchase an annuity was listed as income - putting us into a higher bracket - how to amend?

Rusty1930 — Mon, 21 Dec 2020 20:13:18 GMT

1090 includes what we purchased an annuity for - this is not new income how do we amend??

Re: $40,000 of our original funds to purchase an annuity was listed as income - putting us into a higher bracket - how to amend?

MSCO9241 — Mon, 21 Dec 2020 20:24:19 GMT

i assume you mean 1099-R. it should have shown something in box 5 and the taxable amount shown in box 2a. if the showing the full amount is taxable (box 2a) you need to contact to find out why. without a corrected 1099, the IRS will go by what they have and reject the amended return. if you misentered the data go ahead and amend.

Re: $40,000 of our original funds to purchase an annuity was listed as income - putting us into a higher bracket - how to amend?

Critter-3 — Mon, 21 Dec 2020 20:25:00 GMT

Was this annuity purchased in a Traditional IRA ?

If not was the 1099-R box 2a incorrect ?

Re: $40,000 of our original funds to purchase an annuity was listed as income - putting us into a higher bracket - how to amend?

macuser_22 — Mon, 21 Dec 2020 20:38:19 GMT

@Rusty1930 - Please explain your question further so we don't guess at it.

What do you mean by "original funds"? Funds in what type of account? Where do you see it listed as income (what form and line)? What type of account (of any) is the annuity held in?

What tax year are you asking about?