Non qualified annuity

Forum|Forum|2 years ago
February 6, 2024
2 replies
30 views

I took early withdrawal 42000 from non qualified annuity got 1099r only have for 3 years I'm 55 put in 100,000 after tax 1099r showing nothing blank in taxable amount why must I pay tax on this when already taxed

Also does this get added to AGI

RobertB4444

Level 15

If you received a 1099-R then you are required to report it and enter it into your tax return. However, you are not necessarily required to pay tax on it. If the taxable amount is blank then enter zero into that box in the software. It will not be taxed and will not be added to your AGI.

@arenaant6819

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arenaant6819Author

Level 2

Thanks box 2b is checked Form1099-R Taxableamount notdetermined

DianeW777

Level 15

If there were any earnings withdrawn where no tax was paid on that portion, then enter that in box 2b. Otherwise, if all of it is your after tax contributions, then enter zero in that box as indicated by @Robert84444. You must enter the zero for it to be tax free if all of it is tax free.

You may need to contact your payer to obtain any earnings amount, if applicable. Also be sure to select 'Non-qualified plan' as shown in the image below.

@arenaant6819

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arenaant6819Author

Level 2

Thanks for the input only issue is it was early withdrawal and it's not accounting for the 10% early withdrawal because of the 0 be put in to taxable amount thanks