Margaret CPA in OH Posted March 6, 2018 Report Share Posted March 6, 2018 Client included in papers from Lincoln Financial Group a 4th quarter annuity statement. It shows Contributions $33,124.75, Total Withdrawals $10,000, YTD Withdrawals $10,000, Cost Basis $4,998.58, Gain/Loss $9600.76. The next line says Your Tax Information YTD Taxable Amount $10,000, TYD Non-Taxable $0, Fed and state no taxes withheld. I've never seen such a thing. The only other annuity withdrawals I've seen have been reported on a 1099R form. I believe client's father died so may be relevant. For cost basis and gain/loss, well, I can't figure out how that was derived. If the basis was $4998.58, I can't make my calculator come up with a gain of $9600.76. Ideas? Quote Link to comment Share on other sites More sharing options...
FDNY Posted March 6, 2018 Report Share Posted March 6, 2018 Looks like a variable annuity, I think they make those statements so you can't understand them because of all the fees. There must be a 1099R around for the distribution. Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted March 6, 2018 Author Report Share Posted March 6, 2018 Yes, I was thinking there should be a 1099-R, too, but there isn't except, except one from a Life Ins Co with a code 4D. However, none of the figures anywhere even remotely resemble the ones I posted. Plus there is tax withheld. Well, on my list - a long one - of missing info. Sigh... Quote Link to comment Share on other sites More sharing options...
TAXMAN Posted March 7, 2018 Report Share Posted March 7, 2018 I think I read somewhere when these annuities pay out , its last in first out meaning they pay out the earnings first. At least that was what I found. I can't get your numbers to match up but think there should be a 1099R also. Quote Link to comment Share on other sites More sharing options...
Randall Posted March 7, 2018 Report Share Posted March 7, 2018 Should be a 1099R. Client needs to request a copy from Ins co. Quote Link to comment Share on other sites More sharing options...
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