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?
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
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.
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?
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