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Hi. i am imputting a 1099-r and in box 7, I have a 6. this account went into another retirement aaccount. Will i be taxed on this monry??

Forum|Forum|7 years ago
June 6, 2019
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Best answer by dmertz

Code 6 reports a 1035 exchange of one nonqualified annuity or insurance policy to another, not a rollover. It is reportable income, but not taxable income. This Form 1099-R should have a zero in box 2a and TurboTax will exclude this distribution from taxable income on Form 1040 line 4b.

D

dmertzAnswer

Employee

Code 6 reports a 1035 exchange of one nonqualified annuity or insurance policy to another, not a rollover. It is reportable income, but not taxable income. This Form 1099-R should have a zero in box 2a and TurboTax will exclude this distribution from taxable income on Form 1040 line 4b.

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LeeM

Employee

I would check with your Broker and make sure you have the right form.

If you "rolled over" that money into another Retirement Account, there should most likely be a Code G in that Box 7.