turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

null270
New Member

1099r payment from fathers death

we received a payment after my fathers death (1099R) but it has my name as the recipient and the box7 code is 3 (disability)
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

4 Replies

1099r payment from fathers death

You would report this on your tax return.  Retirement Accounts do not get a stepped up basis on death and are generally taxable to whoever receives the money.

It get reported in TurboTax as follows:

 To enter pension and annuity Payments (1099-R)

  • Click on Federal Taxes 
  • Click on Wages and Income 
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Retirement Plans and Social Security
  • On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button
  • Enter the 1099R exactly is it is, and then carefully answer the questions, that follow. 

EDITED 3/6/2017, see comments below for some good additional information. 

1099r payment from fathers death

The poster was not asking how to enter it but that it seems to have the wrong box 7 code.
**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.**

1099r payment from fathers death

It sounds like the issuer of the 1099-R make an error.  If your name is on the 1099-R as the benificuary of your fathers retirement account the code should be a 4.  You should contact the issuer of the 1099-R for a corrected form.

**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.**

1099r payment from fathers death

Agree with you, macuser_22
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies