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Returning Member
posted Feb 2, 2021 9:57:54 AM

Questiion

I received an beneficiary annuity commission from my late husband who died in 2011 Do I need to pay tax on it?

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1 Replies
Expert Alumni
Feb 2, 2021 12:23:25 PM

Depends on what the amount represents,  If it represents life insurance proceeds, then no.  If you received a 1099R for proceeds from an annuity contract, then yes.  If it is residual commissions from a business he was in, then probably yes.  It really depends on the amount and the character of the income.  If it was less than $600 and represented commissions, then you probably will not receive a 1099-NEC and it was not reported to the IRS.  

 

In TurboTax, you would enter it under the Miscellaneous income category then Other income not already reported on a W-2 form or Form 1099.  If you did receive a 1099R, then you would need to report it as retirement income.