topic 401k rollover to annuity in Retirement tax questions

401k rollover to annuity

mgoodemotepllc — Sat, 01 Jun 2019 08:25:00 GMT

Am I taxed on my 401K distribution if i put it all in an annuity

No, you are not taxed on the distribution if you roll it...

MargaretL — Sat, 01 Jun 2019 08:25:02 GMT

No, you are not taxed on the distribution if you roll it over to your annuity within 60 days of your distribution. At this point it would be considered a rollover, which is nontaxable transaction.

In TurboTax, once 1099-R reporting 401K distribution is entered, if code G reports your transaction, the rollover is automatically applied and the income is not taxable. Otherwise, you will be asked what you did with the money. Once you answer that you moved the funds to another retirement account, the distribution becomes rollover and is not taxable.

how do I answer the question about rollover to 401k or 40...

springfever-2016 — Sat, 01 Jun 2019 08:25:04 GMT

how do I answer the question about rollover to 401k or 403b, if I rolled it over to qualified annuity

Re: No, you are not taxed on the distribution if you roll it...

Hsregalado — Sat, 22 Feb 2020 20:47:30 GMT

But when I get to the final it is showing the funds as income. I did not receive them I re invested the funds?

Re: 401k rollover to annuity

JotikaT2 — Mon, 24 Feb 2020 20:07:57 GMT

Did you roll the funds over from one account to another?

If so, then Box 7 of your 1099-R form would be marked as a rollover. (Code G or H).

If those boxes are not marked as Code G or H, but you did roll the money over within 60 days, you also should see the following screen as you proceed through the interview screens.

Review your answers here to reflect the rollover.

This will remove the income from showing up as long as you did meet all of the rollover dates.