turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

annuity payout

My domicile was in MA till mid-May 2023. I had a fixed non-qualified annuity purchased in June 2020 with no surrendering fees as of June 2023. I took the payout at this time. I received a 2023 1099-R at my new address (outside of MA) for the amount of interest accumulated over the three years.

 

My questions are the following:

Not being a resident of MA (no domicile, no address) when I received the interest payout, do I report this interest in my new residence state or still in MA or both? If it has to be reported in MA, what about if I had kept that annuity for twenty years and never lived in MA for 19 of those 20 years, does one still has to report the interest payout to MA, because the annuity contract was taken there initially?

Any official documentation references would be appreciated.

 

Thanks,

BC

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
MayaD
Employee Tax Expert

annuity payout

If you were MA non resident when you received the payments, don't report it on MA return. 

You allocate Unearned income  to the state you were a resident of when you received it. Unearned income comes from non-employment sources, such as interest, dividends, capital gains, social security, and IRA distributions

 

How do I allocate (split) income for a part-year state return?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies