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dlrobison
New Member

I am the beneficiary for a death benefit and 1099r has been issued

 
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3 Replies

I am the beneficiary for a death benefit and 1099r has been issued

You should have a 1099R (with code of 4 in box 7) and you will enter it exactly as you have received it in TurboTax.

TurboTax will then ask you questions regarding it to determine the correct tax on it. 

It will go under:

Federal Taxes

Wages and Income

Retirement Plan and Social Security

IRA, 401K, Pension Plans (1099R) you will click add or update. 

mp2113
New Member

I am the beneficiary for a death benefit and 1099r has been issued

How do you determine the correct tax?   My father passed in 2020 and I received a distribution of benefits from the annuity he had.  Box one has the gross distribution and box 2 has a small taxable amount. Box 5 contains the number that is the difference between the two.  Box 7 is 4D.   Am I taxable on the full amount? 

I am the beneficiary for a death benefit and 1099r has been issued

your 1099-R tells you the taxable amount, unless it is marked "not determined".

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