tctxldy
Level 3
03-04-2022
12:25 PM
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I have client who rolled his non qualified annuity into an IRA. The 1099 show cod 7D and that the distribution was 172,000 and 72,000 was taxable. My client did a bank to bank transfer of this annuity when it matured to JP Morgan and it was deposited into an IRA. From what research I can find this can't be done. I am at a loss. The program shows even though the money was rolled over the 72,000 is still taxable. Any help will be much appreciated
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sjrcpa
Level 15
03-04-2022
12:47 PM
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Not an eligible rollover distribution. Client needs to withdraw it. They have made an excess IRA contribution.
It's taxable.
The more I know the more I don’t know.
tctxldy
Level 3
03-04-2022
03:44 PM
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Thank's for the verification. Boy they screwed this one up on every side 🙄
