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Inherited 1099R
I inherited a nonqualified annuity from my father in 2022 who inherited from his wife/my mom. The company sent me $11,500 in 2023 which was the employee contribution amount. I received a 1099-R in 2023 with $56,731.90 in box 1 (Gross Distribution), $45,231.90 in box 2a (Taxable Amount), and $11,500 in box 5 Employee Contribution/Roth Contribution or Insurance Premiums). When entering the 1099-R in TurboTax the taxable amount on the 1040 is $45,231.90 but I only received $11,500.00. Is the 1099-R incorrect?
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‎September 1, 2024
4:49 PM