Annuity

Bruce23
Bruce23 Member Posts: 1 Newcomer
in Filing my taxes

Greetings. I had an annuity with Company X, I paid the surrender fee prior then transferred the fund to Company Z. The amount is $13K. Do I need to report this?

Comments

  • PhillipB
    PhillipB FreeTaxUSA Team Posts: 94

    Hello,

    This sounds like if would be considered a rollover. Regardless, whenever money moves out of, or is transferred between retirement and annuity accounts, it is reported to the IRS on Form 1099-R and it should be reported on your tax return.

    If I am correct that this is a rollover, it will not show up as a piece of taxable income on your return.

  • Deeg
    Deeg Member Posts: 2 Newcomer

    Greetings, I cashed in a low interest paying annuity —- where in my 2024 FREE TAX USA spreadsheets do I enter this income?

  • rachels
    rachels FreeTaxUSA Agent Posts: 107
    https://community.freetaxusa.com/discussion/comment/4481#Comment_4481

    Hi Deeg,

    If you cashed out an annuity in 2024, you should typically get a 1099-R reporting that distribution. If you have not gotten one, contact the company that held the annuity to ask about getting a 1099-R. Then, once you have that form, go to Income > Common Income > Retirement Income (1099-R) to enter that information.

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