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Matilda
Returning Member

1041 estate return enter 1099R box 1 and 2a amount

I distributed an inherited annuity that was cashed out.  Line 1 gross dist is $100,000.  Line 2b Taxable amount is $20,000. 

 

I have entered the line 2b amount as other income and it is on 1041 line 8.

 

What should be entered for 1041 schedule B line 9 and 10?

 

Thank You

3 Replies
SweetieJean
Level 15

1041 estate return enter 1099R box 1 and 2a amount

Is the 1099-R  made out to the Estate?  Or did you personally inherit the annuity, and then decide to share it with others?

Matilda
Returning Member

1041 estate return enter 1099R box 1 and 2a amount

The 1099R is made out to the estate.

tagteam
Level 15

1041 estate return enter 1099R box 1 and 2a amount

Did you actually distribute any amounts from the estate?

 

The typical estate distributes all income currently so Line 9 should be populated. Otherwise, if the distribution is discretionary, Line 10 should be populated. If there were no distributions, then neither line will be populated and the estate will be responsible for paying any income tax due.

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