Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
J
jhigh
March 31, 2025
Question

I contributed money from my checking account into an annuity which distributed in 2024. My contribution and interest is being reported as income. Why is my contribution

  • March 31, 2025
  • 1 reply
  • 0 views
Why am I having to pay taxes twice. My contribution was already taxed and was mine to begin with...

    1 reply

    D
    DavidD66
    March 31, 2025

    The amount you invested in the annuity using after-tax funds is not taxable.  You need to revisit your entry of Form 1099-R.  For box 2b, you need to enter only the taxable amount of your distribution (the amount in box1 less the amount of your contribution).  

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
    TurboTax Sign In Widget
    TurboTax flag icon

    Unlock tailored help options in your account

    Create an account
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsCookie settingsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification