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Retirement tax questions
Yes, that is correct. The taxable amount would be the gross amount reduced for the premiums that paid for the insurance. You will see a question that asks if the funds were inherited so be sure you answer that question correctly. Enter the full amount was a required minimum distribution (RMD). This will eliminate any penalty and you should not have one.
- Code 4 indicates Death
- Code D indicates Annuity payments from nonqualified annuities and distributions from life insurance contracts that may be subject to section 1411 taxes (net investment income tax for higher income taxpayers).
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March 17, 2025
1:26 PM