Does an inherited annuity for which I received a 1099-R count as an IRA?
Monthly distributions are received.
04687
4 Replies
robtm
Level 10
Feb 16, 2021 12:52:28 PM
If the annuity was in an IRA before you inherited it, then yes it is an inherited IRA. If it was just a regular annuity, then it is just retirement income.
lauram63
Returning Member
Feb 16, 2021 12:57:54 PM
I don't know what it was before the person passed, unfortunately.
robtm
Level 10
Feb 17, 2021 9:26:11 AM
If it was an IRA it would say so, otherwise it is just an ordinary annuity.
dmertz
Level 15
Feb 17, 2021 9:29:23 AM
It's only an IRA if Form 1099-R provided by the payer has the IRA/SEP/SIMPLE box marked or has code T or Q in box 7. If the code in box 7 includes code D, the distribution is not from any kind of qualified retirement account.