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?

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  • PhillipB
    PhillipB FreeTaxUSA Team Posts: 69

    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.

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