topic Re: Inheritance in Get your taxes done using TurboTax

Inheritance

mpcramer85 — Thu, 24 Jan 2019 03:57:53 GMT

I got inheritance from my dad when he passed from 401a and 403b I live in Colorado do I need to claim this? If so how do I do it? T only forms I got are confirmation Statements from TIAA.

Re: Inheritance

MargaretL — Thu, 24 Jan 2019 14:11:18 GMT

Yes, you do need to claim this. You will be receiving the form(s) 1099-R for the inherited distribution in February. (You may want to contact the administrator (the issuer) and verify that the mailing address is correct...) Once you have the form(s), all you will have to do is enter them into TurboTax exactly as they appear and follow the interview questions, the program will determine the taxability of it. Once the information is entered on the federal side of TurboTax, it will be automatically transferred to your CO tax return. Please follow these steps to enter form 1099-R in Turbo Tax.

Re: Inheritance

Ford2018 — Sun, 02 Feb 2020 23:20:49 GMT

I had 1099 forms for all the inheritance I received. It was put into my account and then my mom wanted my brother and I to split the amount. Is the taxable amount the total amount I pay?

Re: Inheritance

ColeenD3 — Sun, 02 Feb 2020 23:26:22 GMT

If the forms are reported in your name, you can't allocate a portion to your brother. If you share the cash proceeds, you should see what your tax liability and refund are before entering the forms so you don't pay tax on all the money while not actually getting it all.

Re: Inheritance

macuser_22 — Sun, 02 Feb 2020 23:30:49 GMT

@Ford2018 wrote:

I had 1099 forms for all the inheritance I received. It was put into my account and then my mom wanted my brother and I to split the amount. Is the taxable amount the total amount I pay?

What you do with the money makes no difference. Giving it away would simply be a non-reportable gift from you. If your name and SSN is on the 1099-T then you are responsible for the tax. (Hint: Adjust the amount that you want to give then to cover the tax).