Annuity rollover to IRA

Forum|Forum|6 years ago
February 16, 2020
5 replies
49 views

My Annuity 1099-R states 7 in Box 7, and X in IRA/SEP/SIMPLE. I rolled it over within 60 days to an IRA. This should not be taxable. Where do I enter this?

AnnetteB6

Employee Tax Expert

After you enter the Form 1099-R reporting your distribution, the key is in the answers to the follow-up questions you will see.

Be sure to Continue through all the screens and follow-up questions until you get back to the main income screen. Here is the general process:

One of the questions should be What did you do with the money?
Choose I moved the money to another retirement account (or returned it to the same retirement account)
Then, choose I rolled over all this money....
Continue through the remaining questions until you are back to the 1099-R Entries summary page

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kwaller

Level 2

my turbo tax didn't ask me what I did with it or give me the option of whether or not I rolled it over. It gave me
Equal periodic payments, disability, death. IRS and other. and under other, moving it to another IRA wasn't an option. Is that where I put it and see if they accept it?

Thanks.

ThomasM125

Level 15

Can you tell us what form the annuity disbursement was reported on please?

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Anonymous

I have the same situation with a "7" in box 7 indicating a normal distribution.

I have a form 5498 which shows that it rolled over immediately into an IRA.

So the actual Box 7 entry should be "G" Direct Rollover or Rollover Contribution

Do I just change Box 7 to G per your help instructions? Won't that trigger something at the IRS because the forms won't match?

It may take a long time to get the changes made to the form?

What is the best thing to do?

macuser_22

Alumni - Champ

No. Do not change to to a G. Just enter the 1099-R. If the IRA/SEP/SIMPLE box is checked on your 1099-R be sure you check it.

Enter a 1099-R here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**