Question

Annuity distribution taxable?

Forum|Forum|4 years ago
February 26, 2022
1 reply
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Took an annuity gross distribution, which had state tax withheld. Deposited the check in a money market fund. Is this taxable? Is this considered a rollover? How should this be reported in Turbotax?

Thank you in advance

DoninGA

Employee

You should have received a Form 1099-R from the plan administrator for the annuity. No this is not a roll-over.

To enter, edit or delete a form 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

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R