topic Re: 1099-R Question in Retirement tax questions

1099-R Question

marketter — Tue, 16 Feb 2021 18:22:33 GMT

My wife received a 1099-R when her mother passed away. The taxable amount was deducted and the remainder of these funds were deposited to her PruCo brokerage account, where funds still remain in money market. How do I file this?

Re: 1099-R Question

robtm — Tue, 16 Feb 2021 18:28:18 GMT

Go to Wages & Income, Retirement Income, Pension Plans, enter 1099-r information. It doesn't matter what is done with the money.

Re: 1099-R Question

HelenC12 — Tue, 16 Feb 2021 18:39:01 GMT

Enter the 1099-R exactly as it reads or you may be able to import it. See Where do I enter my 1099-R?

After you enter you, you'll be able to answer follow-up questions on what you did with the funds. You'll get credit for the amount of income taxes paid. Generally, inherited retirement funds are taxable to the beneficiary.