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March 22, 2025
Question

1099-R distribution Box 7 Code 6 is1035 exchange on insurance contract directly to another company amount is 100% of Box 1

  • March 22, 2025
  • 1 reply
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    1 reply

    JohnB5677
    March 25, 2025

    A code 6 in box 7 is a Section 1035 Exchange as you said.

    If you want to see how it posted to your tax return:

     From the left sidebar

     

    1. Select Tax tools
    • You may have to minimize both the Federal and State options by clicking the Down Arrows on the Sidebar.
    • You will then clearly see Tax Tools
    • Click the arrow to up to see additional options
    1. Click Tools
    2. A Menu will pop up
    3. Select View tax summary
    4. On the left panel click Preview my 1040
    5. This will show on 5a
    6. 5b should be blank

    Some Key numbers to compare:

    • 11 Adjusted Gross Income
    • 12 Deductions
    • 15 Taxable income
    • 16 Tax
    • 33 Total Payments
    • 34 Overpayment
    • 35a Refund
    • 37 Amount you owe
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