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Other financial discussions
Code 4 is an inherited IRA. It should be in the name of your father FBO (For Benefit Of) your name with your SSN on the 1099-R. (Or similar wording)
If more than one beneficiary then each benificuary would receive a separate 1099-R with a code 4 and their own SSN on the 1099-R. Each benificuary would be responsible for reporting their 1099-R and tax.
Perhaps you were named primary benificuary and siblings secondary beneficiaries rather that each listed as multiple primary beneficiaries. Secondary beneficiaries only come in effect if the primary benificuary died.
If not, then contact the account trustee that issued the 1099-R for an explanation - they might have entered it wrong.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎February 24, 2020
9:57 AM