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December 9, 2020
Question

Since the Retirement Income section is not yet available how can I best estimate how a non qualified annuity withdrawal will affect my taxes?

  • December 9, 2020
  • 1 reply
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I returned my RMDs this yesr so have no retitrment income from that surce this year. However I already had some taxes withheld so I presume I will get a 1099-R for that. Also I have been withdrawing gains from a non-qualified annuity instead which I assume will mean another 1099-R. I want to figure out how much additional money I can withdraw from this account without having a serious impact on my taxes. Right now I'm including my esitmate for that under Interest but that forces me into a requirement for Deluxe which I don't think I'm really going to need this year. Is there a better way to esitmate say by reporting that income under Other Income?

1 reply

rjs
Employee
December 9, 2020

Create a fake W-2 and enter the income as wages in box 1 of the W-2. Be sure to delete the fake W-2 when you start working on your real tax return.