Comments on: Is the distribution from an annuity fully taxable? http://www.annuitypurchaseblog.com/annuity-cash/is-the-distribution-from-an-annuity-fully-taxable Buy Annuities and Annuity Information Sat, 24 Jul 2010 03:06:59 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Judy http://www.annuitypurchaseblog.com/annuity-cash/is-the-distribution-from-an-annuity-fully-taxable/comment-page-1#comment-1289 Judy Sun, 14 Feb 2010 06:38:59 +0000 http://www.annuitypurchaseblog.com/annuity-cash/is-the-distribution-from-an-annuity-fully-taxable#comment-1289 You show both the full amount and the taxable amount on your return, but only pay tax on the taxable amount. The difference is due to the purchase price of the annuity.<br><b>References : </b><br> You show both the full amount and the taxable amount on your return, but only pay tax on the taxable amount. The difference is due to the purchase price of the annuity.
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]]> By: StephenWeinstein http://www.annuitypurchaseblog.com/annuity-cash/is-the-distribution-from-an-annuity-fully-taxable/comment-page-1#comment-1288 StephenWeinstein Sun, 14 Feb 2010 06:02:59 +0000 http://www.annuitypurchaseblog.com/annuity-cash/is-the-distribution-from-an-annuity-fully-taxable#comment-1288 The "basis" is not taxable. The rest of it is taxable. If you do not know how to compute the amount of basis, then assume that the form is correct. However, all of it, including the non-taxable portion, must be reported. You must enter the entire amount of the distribution (box 1) as pension and annuity income (Form 1040, line 16a). You enter only the taxable amount (box 2a unless you think it is wrong) as the taxable amount (Form 1040, line 16b).<br><b>References : </b><br> The "basis" is not taxable. The rest of it is taxable. If you do not know how to compute the amount of basis, then assume that the form is correct.

However, all of it, including the non-taxable portion, must be reported.

You must enter the entire amount of the distribution (box 1) as pension and annuity income (Form 1040, line 16a). You enter only the taxable amount (box 2a unless you think it is wrong) as the taxable amount (Form 1040, line 16b).
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]]> By: shan973 http://www.annuitypurchaseblog.com/annuity-cash/is-the-distribution-from-an-annuity-fully-taxable/comment-page-1#comment-1287 shan973 Sun, 14 Feb 2010 05:35:59 +0000 http://www.annuitypurchaseblog.com/annuity-cash/is-the-distribution-from-an-annuity-fully-taxable#comment-1287 put the information in exactly as it is. it is added to your income.<br><b>References : </b><br> put the information in exactly as it is. it is added to your income.
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