I have received interest in 2024 for an Annuity that has been in Rehabitation. It came through on a 1099R. When I enter the amount, it does not let me check anywhere that it is an Annuity/not a qualified pension plan. This annuity was purchased with after tax money and should not have an RMD. Turbo tax is telling me I will have an IRS penalty even though I noted interest was collected in full as an RMD as that seemed to be the only way around it.
How can I correct this or should I just fill out waiver form with best explanation possible. There should not be a penalty. Please advise
Thx for your help.
I am using Turbo Tax on line. Form 1099R has Code 7 only - not 7D.
Are you using TurboTax Online? Does your Form 1099-R have code 7D?
If yes, we are aware of the issue and it is expected to be fixed by the end of the week. Please check back then. You might have to delete and reenter the Form 1099-R after the issue has been fixed.
Thx for your help.
I am using Turbo Tax on line. Form 1099R has Code 7 only - not 7D.
Thank you. I verified that there is an issue. Can you please check at the end of the week if the update will fix this issue as well since it is similar to the issue with code 7D.