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New Member
posted Apr 13, 2024 10:38:15 AM

Do i report money received from a deceased relatives pension plan?

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1 Replies
Expert Alumni
Apr 13, 2024 12:54:08 PM

Yes, you do report this amount on your federal return. If it is a taxable plan you will receive Form 1099-R which you will add to your tax return.  If you did not receive a Form 1099-R, be sure to check with the plan administrator to see if you should have gotten one.  Check with your state to see if it is taxable in your state.

 

Here's where to enter your 1099-R in TurboTax: (Click for more details if necessary)

  1. Open or continue your return.
  2. In the Federal section, select Wages & Income.
  3. Scroll to locate Retirement Plans and Social Security.
  4. Select Start or Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R).

You can also find the 1099-R section using Search. Open your return, enter 1099-r in the search bar, and select the Jump to 1099-r link.