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Celery63
April 17, 2022
Question

Why is my full distribution on a non-qualified annuity adding to my gross income and taxing me on the employee distribution?

  • April 17, 2022
  • 1 reply
  • 0 views
I am paying federal tax on the taxable income.  When i finish entering the1099-R, I am paying for the employee distribution in my gross income tax? Looks like i am paying 22% tax on initial distribution?  Why?

1 reply

ColeenD3
ColeenD3
April 17, 2022

What is in your Boxes 1 and Box 2a of the 1099-R? Did you make after-tax contributions?

 

If the taxable amount and gross distribution amounts are the same, then it is all taxable.

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