Inherited Annuity

Forum|Forum|6 years ago
January 25, 2020
1 reply
21 views

My father passed away and I am not seeing where I note the 1099-R for the federal income tax, since this is a death and it is a payout from a Life Insurance I do not see where I put this information in my return?

There is no state tax, but I am not sure how to do federal, this came with a 1099-R but it is from the life insurance company.

Any info would be appreciated.

Thanks

Best answer by ColeenD3

You'll get a 1099-R if you received $10 or more from a retirement plan. Code 4 will indicate that it was due to death.

Here's how to enter your 1099-R in TurboTax:

Open (continue) return if you don't already have it open.
Inside TurboTax, search for 1099-R and select the Jump to link in the search results.
Answer Yes on the Your 1099-R screen, then select Continue.
- If you land on the Your 1099-R Entries screen instead, select Add Another 1099-R.
Select how you want to enter your 1099-R (import or type it in yourself) and then follow the instructions. You can add up to 20 1099-Rs.

ColeenD3Answer

Level 15

You'll get a 1099-R if you received $10 or more from a retirement plan. Code 4 will indicate that it was due to death.

Here's how to enter your 1099-R in TurboTax:

Open (continue) return if you don't already have it open.
Inside TurboTax, search for 1099-R and select the Jump to link in the search results.
Answer Yes on the Your 1099-R screen, then select Continue.
- If you land on the Your 1099-R Entries screen instead, select Add Another 1099-R.
Select how you want to enter your 1099-R (import or type it in yourself) and then follow the instructions. You can add up to 20 1099-Rs.

maytonh

Level 3

I have a similar situation. My wife inherited the remainder of her mother's annuity at her death. The distribution in full came to her as a lump sum. I have the 1099-R and have entered the info in Turbotax. Turbotax keeps referring to this as "SPOUSE'S IRA" or "Inherited IRA." Does it matter that this was an annuity payout? Are they treated the same anyway? Thanks

Harold