Phoned the IRS tax help people
Q.Have two annuities,one purchased with taxed income,one with untaxed contributions,using the 1998 Irs 1040 booklet page 22"annuity starting date" and subsequent instructions,it seem I am told to use the simplified method in computing the taxable portion of each annuity separately.For some reason this does not seem right.Does anyone know what the proper procedures may be or where to find the information? Have phoned the IRS tax help people,was told a procedure was listed in publication 929 which I have requested 40 days past,called again today,was told I had bad information,dont know who to believe.Any Inforation would be greatly appreciated.
A.Were the annuities purchased by yourself with your funds, or, were they funded from an employer's qualified plan? Your question makes it sound like you purchased them. If so, this type of annuity is usually referred to as a Tax Deferred Annuity. Publication 929 is the wrong pub. You need Publication 939. I forget the exact name, but it contains information on how to recover the cost in a tax deferred annuity. You can download it from the IRS web site at the following url: http://www.irs.ustreas.gov/prod/cover.html Go to the "Forms and Publications" link at the bottom of the page and follow the prompts. Some of the publications are available for on-line reading and others must be dowloaded and read from the Adobe Acrobat application. You'll have to check for the options available to read Publication 939.
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