IdahoMtnSpyder question about 1099's

[wyliec]

Since you started another thread about taxes, I didn't want to interrupt.

I have a few annuities. One was a rollover from a 401K many years ago. My other annuity was started with money from my checking account; it's this annuity that I have the question. My gf thinks that I should not be getting a 1099R for that annuity b/c it was started with my own money, and it doesn't include dividends, and I'm only getting my money back. I said that I can actually get more than my money back than the initial amount, if I live long enough. Also, depending on the stock market, my fixed monthly payment could actually increase (not very likely). My question is, am I right about why I get a 1099R each year?

Thanks

Something just came to me as I was working out. The reason I get the 1099R is I was earning 7%/year before I started drawing on it. I think I answered my own question.

[IdahoMtnSpyder]

I can't say for absolute certainty but when you draw money out of any retirement fund you will get a 1099. If the fund is a Roth IRA so the earnings aren't taxable I'm sure you'll still get a 1099. Even when I didn't personally withdraw some funds out my Federal TSP but had some rolled over non-taxable to a Vanguard IRA I got 1099s showing the rollover.

[wyliec]

On all my 1099's, they show taxable amount in line 2A, and both annuities show a taxable amount. So, I don't believe there is any way around not including the amount on my tax returns.

[Little Blue]

Well yes, good ole 'USA Sam' needs the money now more than ever. How do they get their 'spending money '?
By the taxes we pay. 1099's = extra money for Taxes.

Try a little Sunshine.... 🌞..........

[ARtraveler]

Now you folks know why I never went into the "tax" area of accounting. The rules seem to change yearly on that, and when I was a CPA, the annual tax school, and annual tax season was my least favorite parts of the job.

My specialty became general accounting and teaching in that area. I left the tax accounting to others.