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stretch25
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I rec'd a 1099 R from my insurance company. There was a 1035 exchange done from this policy to a new policy. Money did not come to me?

 
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I rec'd a 1099 R from my insurance company. There was a 1035 exchange done from this policy to a new policy. Money did not come to me?

If a 1035 exchange there should be a code "6" in box 7.
**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.**

I rec'd a 1099 R from my insurance company. There was a 1035 exchange done from this policy to a new policy. Money did not come to me?

You will still show the 1099R on your return.  It is being show, to account for the rollover to a similar plan and the tax impact will be $0 (from a Traditional retirement to a Traditional --or Roth to a Roth).

Just enter the 1099R and then carefully answer the questions that follow and you'll be fine. 

 To enter pension and annuity Payments (1099-R)

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Retirement Plans and Social Security
  • On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

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