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taxmomma5
New Member

My brother and I each received $16,400 from our mothers single life annuity when she passed away during 2021. Is this taxable income?

(I did not receive a 1099 from the annuity company)
1 Reply
Opus 17
Level 15

My brother and I each received $16,400 from our mothers single life annuity when she passed away during 2021. Is this taxable income?

That depends.  We need more information.

 

If it was a death benefit (life insurance) then probably not.  If she died before retirement and this is a return of after-tax premiums without any earnings, then probably not.  Most of the time, however, it should probably be taxable.  Are you sure there is no 1099-R? Maybe they mailed it to the wrong address.  Have you called the annuity company to ask?

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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