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Retirement tax questions
It depends.
If you were issued 1099-R forms in the past, you were required to report them on your tax return even if the amounts were not considered taxable income.
I recommend amending your prior year returns to ensure you correctly file your tax returns as 1099-R forms are also reported to the IRS. This will ensure you correct your tax return reporting before the taxing agencies issue a notice to you as the income reported on your tax return will match the source documents sent to the IRS. It also ensures your return is accurate as there could have been tax due based upon the type of retirement income you inherited. The IRS provides more guidance on determining RMD amounts for beneficiaries in this link.
If any of the amounts were taxable, you are liable for the taxes still owed on the income and could be subject to interest and penalties on the unpaid amounts. Please see the following links for more details on amending.
How do I amend my federal tax return for a prior year?
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