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April 12, 2022
Question

Should I add the two 1099-Rs from my annuity to my gross income?? One part is more secured and the other is more volatile.

  • April 12, 2022
  • 1 reply
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I already have paid my taxes on my annuity and have (2) 1099-Rs-should I add them together as gross income???

1 reply

April 12, 2022

Report each of the 1099-R forms on your return but don't add the forms together. 

  • If no after-tax contributions were made to the pension plan before distribution, the entire amount is generally included in taxable income.
  • However, in cases where after-tax contributions were made to an annuity or pension, only a portion of the distribution will usually be taxed.
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