1099-R for Husband and Wife

[garygreaser]

My wife and I invested into a Single Premium Deferred Annuity from non-qualified funds over a year ago. The annuity is for three years and we are receiving interest earned each year so it is necessary to include the income into this years returned. We received a 1099-R with 7D as the Distribution code but when I enter into Turbo Tax, it asks if the 1099-R is for me or my wife, there is no option to state both when in fact the funds we utilized are non IRA so why does Turbo Tax not have the option to designate as Both.

Thank-You

[MarilynG1 · Accepted solution]

If you are filing as Married Filing Jointly, it won't make a difference in your tax return bottom line who it belongs to.

If there is only one SSN listed on the 1099-R, you could indicate that the interest belongs to that person.  If both SSN's are listed, you could enter half the total amount for each of you on two 1099-R entries in TurboTax.

Or, since your Annuity Contract states that it belongs to both of you, you could ask the Payor to issue two 1099-R's.

Click this link for more info on Jointly Owned Annuity.