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davsal82
New Member

I received a one time death benefit when my husband died in December 2018, I didn't receive the money until Spring 2019 and I rolled over the amount into an IRA. Help?

 
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2 Replies
RobertG
Expert Alumni

I received a one time death benefit when my husband died in December 2018, I didn't receive the money until Spring 2019 and I rolled over the amount into an IRA. Help?

What kind of death benefit?

 

Depending on the type of benefit you receive, you may end up paying tax on some or all of the money. Life insurance benefits are usually tax-free, but not always.

 

Did you receive a 1099-Misc or 1099-R for the death benefit?

 

If so, it may be taxable.

 

As for the amount contributed to the IRA, this would not be a roll over, unless it was not a death benefit, but an inherited IRA.

 

If it was a death benefit, you would report the amount of the benefit as a IRA contribution.

 

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dmertz
Level 15

I received a one time death benefit when my husband died in December 2018, I didn't receive the money until Spring 2019 and I rolled over the amount into an IRA. Help?

What is the year on the Form 1099-R from the payer that is reporting this distribution?

What is the code in box 7 of this Form 1099-R?

Is the IRA/SEP/SIMPLE box marked on this Form 1099-R?

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