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How do you report your annuity on federal taxes when it went directly from IRA account into AIG annuity?
Wiki User
∙ 14y ago
A rollover occurs when you withdraw from one retirement plan and transfer all or part of that amount, within 60 days, to another retirement plan. You will receive Form 1099-R (Distributions from Pensions, Annuities, etc.) from the holder of your IRA account.
Refer to Form 1099-R in filling out your tax return. On Form 1040, you enter the rollover amount on line 15a (IRA distributions). Next to 15b write Rollover. If the total amount of the IRA was rolled over into the annuity, then enter 0 on line 15b.
For more information, go to www.irs.gov/taxtopics. Select Topic 413 (Rollovers from Retirement Plans). Also, go to www.irs.gov/formspubs. Select Publication Number. Type 575 in the Find box to read/print Publication 575 (Pension and Annuity Income). Type 590 in the Find box to view Publication 590 (Individual Retirement Arrangements).
Wiki User
∙ 14y ago
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My husband wants to cash in an annuity he has had since 1990,He will be 60 in May. The annuity is with Prudential. We lived in New Jersey at the time, now we live in Virginia. Do both states get a % tax, or just Virginia The annuity is under $12,000.00?
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