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April 15, 2025
Question

My 1099 is for a 1035 tax free exchange- why is it being used as income?

  • April 15, 2025
  • 1 reply
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it is supposed to be a 1035 tax free exchange, but Total distribution is marked on line 2b

    1 reply

    April 15, 2025

    Did you have a code "6" in Box 7, this indicates a tax-free exchange of life insurance, annuity, or endowment contracts under Section 1035.