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1035 exchange or direct transfer ?

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    #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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    #2
    Originally posted by Art View Post
    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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