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K-1 schedule versus 1099-R
I have received Form 1099-R from an insurance company for money I inherited through an estate trust. I have also received from my brother (executor) a Schedule K-1 (1041) from the trust.Do need to include both in my tax return?
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K-1 schedule versus 1099-R
Yes, the 1099R, if issued to you with your SSN on it, needs to be reported on your return.
The K-1 from the 1041 Estate also needs to be reported on your return.
To report the 1099R see below:
To enter pension and annuity Payments (1099-R)
- Click on Federal Taxes
- Click on Wages and Income
- Click on I'll choose what I work on (if shown)
- Scroll down to Retirement Plans and Social Security
- On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button
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K-1 schedule versus 1099-R
Why doesn't the TT software explicitly ask about K-1 schedule info? When I entered information about the 1099-R it asked questions about the trust, but did not direct me to filling out information about the K-1.
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K-1 schedule versus 1099-R
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K-1 schedule versus 1099-R
I have an annuity inside a Charitable remainder trust. I am the beneficiary of the trust. The insurance company
wants to issue me a 1099R for the annual interest, but the Trust wants to issue a K-1 for the interest I receive. If
the trust owns the Annuity, shouldn't the insurance company send the 1099R To the Trust?
Confused
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K-1 schedule versus 1099-R
Talk to the insurance company and trust manager and iron this out ... only one of you will get the 1099-R or 1099-INT form not both.
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