Question

Question about a 1099-R

Forum|Forum|6 years ago
February 19, 2020
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I received a 1099-R which I understand from the questions I will report on my Turbo Tax. Because it was a rollover do I need a 1035 from the new annuity I opened for paperwork in case I am audited?

A

Anonymous

The IRA account itself may not be exchanged under section 1035. If the taxpayer owns an annuity contract inside the IRA account - it may be exchanged for another annuity contract also inside the IRA account - while you may claim tax-free exchange under section 1035 - there is no need because everything inside the IRA is not taxable anyway.