1099-R not inherited money

Forum|Forum|6 years ago
February 8, 2020
7 replies
45 views

My wife's 1099-R was claimed as inherited money not as just a regular 1099-R. The full amount was placed on line 4b.

Amend

Best answer by macuser_22

Also, since she took out $3341, she had $331(box 4) taken out. Thanks again.

The box 4 is estimated tax paid and will be added to all other W-2 and 199 withholding on the 1040 form line 17 to be applied to the tax due or added to refund.

ColeenD3

Level 15

What is your question? Inherited money is not reported on Form 1099-R. A death benefit from a pension would be.

When a participant in a retirement plan dies, benefits the participant would have been entitled to are usually paid to the participant’s designated beneficiary in a form provided by the terms of the plan (lump-sum distribution or an annuity).

If you entered the 1099-R exactly as it appears, the amount could be taxable.

amessusaAuthor

Level 2

My wife's 1099-R is from her Merrill-Lynch retirement account. I have always reported it as a 1099-R account. BY MISTAKE I answered TURBO TAX questions as if she had inherited this specific 1099-R. It was my error calling this as inherited money. A foolish senior moment. Thank you for your prompt answer. The value is for a measly $3341. Should I just pay for the modest amount of tax, instead of filling an amendment?

macuser_22

Alumni - Champ

It might not make any difference.

What code in in box 7? Is the IRA/SEP/SIMPLE box checked?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**