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ffriedman21
New Member

My mother died and left me money. I do not owe any federal or state tax on this money. I have not received all the 1099R forms. Can I file my return without them?

 
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macuser_22
Level 15

My mother died and left me money. I do not owe any federal or state tax on this money. I have not received all the 1099R forms. Can I file my return without them?

Was the money from a tax deferred retirement account such as a IRA or pension plan?

Money itself is not reportable.   Distributions from retirement accounts must be accounted for with a 1099-R.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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6 Replies
macuser_22
Level 15

My mother died and left me money. I do not owe any federal or state tax on this money. I have not received all the 1099R forms. Can I file my return without them?

Was the money from a tax deferred retirement account such as a IRA or pension plan?

Money itself is not reportable.   Distributions from retirement accounts must be accounted for with a 1099-R.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
ffriedman21
New Member

My mother died and left me money. I do not owe any federal or state tax on this money. I have not received all the 1099R forms. Can I file my return without them?

To be clear, if the money was not from a tax deferred retirement account, I to not have to report it?
macuser_22
Level 15

My mother died and left me money. I do not owe any federal or state tax on this money. I have not received all the 1099R forms. Can I file my return without them?

Depends on what the money came form.  Some insurance distributions are reported on 1099-R's also and can be all or partly taxable.   

Money itself (i.e. cash) inheritance  is not reportable on a tax return.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
ffriedman21
New Member

My mother died and left me money. I do not owe any federal or state tax on this money. I have not received all the 1099R forms. Can I file my return without them?

Thank you so much for providing this information.  One more question:  the financial institution (Bank of America) that distributed IRA funds to me from my mother's estate has not yet provided me with a 1099-R.  I thought all IRS reporting documents were to be provided by January 31st.  Should I follow-up with them or just wait?
macuser_22
Level 15

My mother died and left me money. I do not owe any federal or state tax on this money. I have not received all the 1099R forms. Can I file my return without them?

If you were the named beneficiary on the IRA then you should receive a 1099-R in your mothers name with you as beneficiary with your SSN on it and a code 4 in box 7.   The box 1 amount will probably be all taxable unless your mother had an after-tax basis in the IRA.  That is unusual, and must come form your mothers past tax returns on line 14 of the last files 8606 form, if she had any such basis.

If the estate was the beneficially and distributed the money to you, then the estate should receive the 1099-R.  The estate would account for that on the estates 1041 estate tax return and issue a K-1 form to you to report.

Assuming that you are the beneficiary, then you should call the BOA to find out what happened to the 1099-R that you should have by now.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
ffriedman21
New Member

My mother died and left me money. I do not owe any federal or state tax on this money. I have not received all the 1099R forms. Can I file my return without them?

Thank you very much.  I appreciate all your help.
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