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Can non-qualified annuities be rolled over into an IRA?

tctxldy
Level 3

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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Accepted Solutions
sjrcpa
Level 15

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.

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2 Comments 2
sjrcpa
Level 15

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

Thank's for the verification.  Boy they screwed this one up on every side 🙄