1035 exchange or direct transfer ?

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  • Art
    Senior Member
    • Jan 2006
    • 178
    #1

    1035 exchange or direct transfer ?

    If a taxpayer has IRA money in a qualified annuity and wants to move his penalty free portion to another qualified annuity is this technically a 1035 exchange or a is it simply a handled as a direct rollover to the new annuity ? How would this transacton be reported on 1099-R ?
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    • Davc
      Senior Member
      • Dec 2006
      • 1088
      #2
      Originally posted by Art
      If a taxpayer has IRA money in a qualified annuity and wants to move his penalty free portion to another qualified annuity is this technically a 1035 exchange or a is it simply a handled as a direct rollover to the new annuity ? How would this transacton be reported on 1099-R ?
      For an annuity in an IRA you follow the IRA rules,

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