Solved: Why is there a taxable amount on my 1099-R if I have an inherited retirement account from my late husband? I get money monthly, but it's not an RMD, I'm the beneficiary?
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Why is there a taxable amount on my 1099-R if I have an inherited retirement account from my late husband? I get money monthly, but it's not an RMD, I'm the beneficiary?

 
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Level 15

Why is there a taxable amount on my 1099-R if I have an inherited retirement account from my late husband? I get money monthly, but it's not an RMD, I'm the beneficiary?

An inherited pension, even when the decedent was your spouse, is still a tax deferred account. When a distribution is taken form the account, whether monthly or lump sum, it is all** taxable, whether an RMD or not. 

** If the account had some cost basis (uncommon), a portion  will not be taxable.

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Level 15

Why is there a taxable amount on my 1099-R if I have an inherited retirement account from my late husband? I get money monthly, but it's not an RMD, I'm the beneficiary?

An inherited pension, even when the decedent was your spouse, is still a tax deferred account. When a distribution is taken form the account, whether monthly or lump sum, it is all** taxable, whether an RMD or not. 

** If the account had some cost basis (uncommon), a portion  will not be taxable.

View solution in original post

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