Annuity: Plan Cost at Starting Date

bgalburt — Mon, 16 Mar 2020 19:25:28 GMT

I have a federal pension. Turbo Tax this year is asking for the annuity plan cost at the starting date (1995); In past years, Turbo Tax calculated the difference between the full annuity and taxable amount by carrying over from previous years -- about $1,400 each year. Turbo Tax uses the simplified method. How do I find the original cost at the starting date?

Re: Annuity: Plan Cost at Starting Date

ColeenD3 — Mon, 16 Mar 2020 19:47:22 GMT

The "plan cost at annuity start date" refers to your total after-tax contributions in the plan, if applicable.

If you did not make any after-tax contributions into these accounts, enter "0" (zero) in the plan cost entry.

If you did make after-tax contributions and have a 1099-R, it may be listed in box 9b. If the information is not listed there, you must find it in your records or contact your annuity administrator. It will be beneficial to find this information, as it may reduce your taxable income.

topic Annuity: Plan Cost at Starting Date in Retirement tax questions

Annuity: Plan Cost at Starting Date

Re: Annuity: Plan Cost at Starting Date