topic Re: Requirement Minimum Distribution from an annnuity in Retirement tax questions

Requirement Minimum Distribution from an annnuity

jacartwright — Thu, 04 Feb 2021 21:37:48 GMT

I have an annuity that paid me an RMD in 2020. Some of this annuity I paid for with after tax dollars which comprise part of the cost basis for this annuity. Where does Turbo Tax account for the return of principle from the money I put in post tax?

Re: Requirement Minimum Distribution from an annnuity

DavidD66 — Thu, 04 Feb 2021 21:55:31 GMT

The Form 1099-R the insurance company sent you should report the gross distribution and the taxable amount of the distribution. The difference between the two is the return of basis.

Re: Requirement Minimum Distribution from an annnuity

acartwr501 — Thu, 04 Feb 2021 22:35:23 GMT

Thanks David but there is no "taxable amount" on the 1099-R. The 1099-R says only "taxable amount not determined. I have tracked my cost basis (post tax contributions).

So where can I enter the cost basis in Turbo Tax so I don't have to pay on the total distribution?

Thanks Alan