I rolled over 2 annuities into another retirement fund. After entering 1099R forms it looks like I received both and did not rollover. What did I do wrong

smrowland21 — Tue, 04 Jun 2019 20:43:49 GMT

I entered the box 7 distribution codes as they were written on the form. One was D7 and the other was 6

An annuity cannot be rolled over - it can only be exchang...

macuser_22 — Tue, 04 Jun 2019 20:43:51 GMT

An annuity cannot be rolled over - it can only be exchanged with a section 1035 exchange which is what the code "6" indicates. That would be a non-taxable exchange.

The D7 indicates a normal distribution from non-qualified annuity that is taxable and not eligible to be rolled into a tax-deferred retirement account. Any money placed into a tax-deferred retirement account, such as a IRA, that exceeds the yearly contribution limits of $5,500 ($6,500 if over age 50) but not more then your earned income would be an excess contribution subject to a 6% penalty every year until it is removed. If you used the money to purchase another annuity then it is still taxable if the money was received by you.

topic An annuity cannot be rolled over - it can only be exchang... in Retirement tax questions

I rolled over 2 annuities into another retirement fund. After entering 1099R forms it looks like I received both and did not rollover. What did I do wrong

An annuity cannot be rolled over - it can only be exchang...