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April 11, 2025
Question

distribution source

  • April 11, 2025
  • 1 reply
  • 0 views

I have an annuity through an insurance company that has been cashed out in full. I have the 1099 R showing the appropriate amounts in box 1, 2a and 16. Also, distribution code 7 and box checked for ira/sep/simple. Over 59 1/2. I entered all data and hit continue. Now I'm on page requesting source of this distribution:

Out of the options listed I can only see 1 that it might be, which is Not Eligible for those over 59 1/2. Is this the right one to select?

Thx

    1 reply

    April 16, 2025

    Normally, this would happen when you have a state return, and TurboTax wants to know the source of the distribution to determine how it is taxed in the state.

     

    So do you have a state return, and what are some of the other choices?

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