`
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

Where can I enter an annuity lump sum death dispersal

I have a 1099R and need to claim the taxable amount from my Moms death benefit from her Annuity (GMBD), Keep getting routed to a IRA RMD. It's not that.

5 Replies
Highlighted
Level 2

Where can I enter an annuity lump sum death dispersal

If TurboTax thinks you have an IRA, its' because the IRA/SEP/SIMPLE box is checked in the online software.  Take a look at your physical 1099-R and confirm whether this box is checked, or not.  (It is usually between Box 7 and Box 8.) 

If the box is not checked on your original 1099-R, then revisit your entry for this 1099-R and make sure you did not accidentally mark the IRA/SEP/SIMPLE box in the software.

If it is checked and your mom was over 70-1/2 when she passed, then that is why you're being routed to this question. 

Highlighted
New Member

Where can I enter an annuity lump sum death dispersal

The box on the 1099-R is not checked and we did not check it in TurboTax. My Mom was 84. Since this was a death benefit (GMBD) and I'm a beneficiary is the 1099-R incorrect? Is there somewhere else it can be entered? Info was entered manually if it matters.
  Any help is so appreciated.
Highlighted
New Member

Where can I enter an annuity lump sum death dispersal

I found another question that worked for me. It was under the question below. Thank you.
   How do i enter the lump sum received as a death benefit on my mother's annuity with only a small portion taxable without getting into rmds?
Highlighted
Level 2

Where can I enter an annuity lump sum death dispersal

If IRA/SEP/Simple Box unchecked as it is  NOT checked for pensions. TT still asks RMD questions, but the answer is always no (Box 7).  TT just gets is wrong

Highlighted
Expert Alumni

Where can I enter an annuity lump sum death dispersal

The IRS says:

 

You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 72 (70 ½ if you reach 70 ½ in 2019). Roth IRAs do not require withdrawals until after the death of the owner.

 

Any and all retirement plans DO have an RMD. You can take all of your RMD from one place and have it cover multiple accounts. The program has to know how much money is RMD. Each issuer reports to the IRS what the RMD is. The IRS can add it up and determine if you met the RMD. 

 

IRA or pension, if it is retirement, it has an RMD. Everything you ever wanted to know about RMD is answered by the IRS in their easy to read- Retirement topic.

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