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Returning Member
posted Feb 16, 2021 12:39:51 PM

Does an inherited annuity for which I received a 1099-R count as an IRA?

Monthly distributions are received.

0 4 687
4 Replies
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.

Returning Member
Feb 16, 2021 12:57:54 PM

I don't know what it was before the person passed, unfortunately. 

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.

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.