Does an annuity I inherited qualify as an IRA?

slburford · ‎April 8, 2022

MaryK4 · ‎April 8, 2022

No, an inherited annuity is not an IRA. An individual retirement account (IRA) is a savings account with tax advantages that individuals can open to save and invest in the long term.

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dmertz · ‎April 9, 2022

It's an IRA only if the annuity was an IRA annuity.

If you received a Form 1099-R, the IRA/SEP/SIMPLE box will be marked if it was a traditional IRA annuity. It will have code T or code Q in box 7 if it was a Roth IRA annuity. If there is a code D included in box 7, it's not any kind of IRA.