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aprlmarie
Returning Member

Upon death of mom, rec'd 1099R . Box 1 & 2a have amt. Box 2b says YES. Box 7 coded 4. Do I owe or do I need to request revised 1099R?

was acct at credit union.  my sister and I were co-'owners' with mom (though unknown to me). do not know if money rec'd was a transfer or if I was a trustee receiving a transfer or what the situation is.

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MaryK1
Level 9

Upon death of mom, rec'd 1099R . Box 1 & 2a have amt. Box 2b says YES. Box 7 coded 4. Do I owe or do I need to request revised 1099R?

You are the BENEFICIARY of your mother's retirement account.  The Code 4 in Box 7 indicates that you inherited the money (so it was not your account).  You are required to pay the same taxes that your mother would have paid if she received it as retirement payments- it will just be added to your other income.  No early penalty applies like it would if it was your account.

I am sorry for your loss.

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MaryK1
Level 9

Upon death of mom, rec'd 1099R . Box 1 & 2a have amt. Box 2b says YES. Box 7 coded 4. Do I owe or do I need to request revised 1099R?

You are the BENEFICIARY of your mother's retirement account.  The Code 4 in Box 7 indicates that you inherited the money (so it was not your account).  You are required to pay the same taxes that your mother would have paid if she received it as retirement payments- it will just be added to your other income.  No early penalty applies like it would if it was your account.

I am sorry for your loss.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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