My mother passed away last year. I received funds from New York Life Insurance and Annuity on 1099R Is this considered an inherit an IRA?

Question: Did XXXX inherit the IRA from XXXXX & XXXXXX

Received distribution of monies.

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My mother passed away last year. I received funds from New York Life Insurance and Annuity on 1099R Is this considered an inherit an IRA?

It depends. This sounds more like a life insurance settlement, which is not an IRA but are you certain this is an IRA? On the 1099R, is the box checked that indicates this is a IRA/SEP/SIMPLE?

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My mother passed away last year. I received funds from New York Life Insurance and Annuity on 1099R Is this considered an inherit an IRA?

It depends. This sounds more like a life insurance settlement, which is not an IRA but are you certain this is an IRA? On the 1099R, is the box checked that indicates this is a IRA/SEP/SIMPLE?

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

My mother passed away last year. I received funds from New York Life Insurance and Annuity on 1099R Is this considered an inherit an IRA?

Box 7 has a 4 and the IRA/SEP/Simple is checked

My mother passed away last year. I received funds from New York Life Insurance and Annuity on 1099R Is this considered an inherit an IRA?

Ok, so it is an inherited IRA then and you would report it as an inherited IRA.

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My mother passed away last year. I received funds from New York Life Insurance and Annuity on 1099R Is this considered an inherit an IRA?

[Deleted duplicate answer.]

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