Is an annuity the same as a IRA?I made an early withdrawal to pay for college expenses I'm hoping the higher edu. exception applies.How do i show that in Turbo tax?

Forum|Forum|7 years ago
June 1, 2019
6 replies
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Employee

No. An annuity is not an IRA, but they are both reported on 1099-R forms.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

S

SweetieJean

Employee

Some IRA's are annuities, though.

macuser_22

Employee

Some IRA's can *contain* annuities within the IRA. Distributions from those are IRA distributions and the IRA/SEP/SIMPLE box on the 1099-R will be checked.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

C

ChaucertaxAuthor

Employee

Do annuities have the higher education expense exception for early withdrawals. thank you

macuser_22

Employee

Only IRA's have that exception.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

macuser_22

Employee

Enter a 1099-R here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**