have lifetime joint survivor nonqualified annuity. Began getting 10,500 this year. Invested 100,000 in 2011. Pub 575:invested costs are recovered. does turbo calculate?

Forum|Forum|2 years ago
January 28, 2024
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Again, cost or investment in annuity contract can be recoveredper IRS Pub 575 page 11. Does turbo tax do this calculation using the simplified method worksheet? Did not do it as I added this information!

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Best answer by DavidD66

The Simplified method cannot be used with a non-qualified annuity. The insurance company that issued the annuity should be calculating the taxable portion and reporting it in Box 2a of Form 1099-R.

DavidD66Answer

The Simplified method cannot be used with a non-qualified annuity. The insurance company that issued the annuity should be calculating the taxable portion and reporting it in Box 2a of Form 1099-R.

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