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dgm
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- Posted Thank you Lisa995 and TurboTaxJohn2 I guess my other ques... on Retirement tax questions. May 31, 2019 5:41 PM
- Posted Would this be a similar process to what I need to do? <a... on Retirement tax questions. May 31, 2019 5:41 PM
- Posted We are listed as Joint owners as we both have to sign the... on Retirement tax questions. May 31, 2019 5:41 PM
- Posted The insured person on the policy is our Father. My broth... on Retirement tax questions. May 31, 2019 5:41 PM
- Posted The policy is in both me and my brothers name and we are... on Retirement tax questions. May 31, 2019 5:41 PM
- Posted How do I report a nominee on a 1099-R form from cashing out an insurance policy? The insurance co reported the entire taxable amount under my social on Retirement tax questions. May 31, 2019 5:41 PM
May 31, 2019
5:41 PM
Thank you Lisa995 and TurboTaxJohn2 I guess my other question is then how do I generate a 1099-MISC statement ? Is that something generated via the TT program when I file next year and then just send it to my brother or do I also send him a copy of my 1099R just for his records?
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May 31, 2019
5:41 PM
Would this be a similar process to what I need to do? <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/3224502?_ans=1&_pos=1&_src=sapi&_tot=172324&from=sapi&tags=">https://ttlc.intuit.com/questions/3224502?_ans=1&_pos=1&_src=sapi&_tot=172324&from=sapi&tags=</a> This is for 1099-INT and it looks like TT can handle this so I would assume it can handle the same for a 1099R?
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May 31, 2019
5:41 PM
We are listed as Joint owners as we both have to sign the documentation regarding the cancelling of the policy.
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May 31, 2019
5:41 PM
The insured person on the policy is our Father. My brother and I are both owners of the whole life policy. We are cancelling the policy to cash it out. The insurance company stated they would issue the 1099 under my social thus reporting the whole taxable amount under me. I have inquired with them that the proceeds be split 50/50 and the 1099R as well so there is no IRS mess. But they stated that with multi-owners they usually send the proceeds to 1 person even if multiple owners exist and that 1 person then distributes the proceeds accordingly and then is also responsible for informing the IRS of additional nominees of the proceeds as well as who else is responsible for their portions of the taxable amount. I am trying to avoid that with them and just have it all split from the get go. But if they can't or won't, I need a backup plan knowing how to nominate my brother for tax purposes. This is where I am lost. How do I do that once I receive the 1099R from them and how in Turbo Tax do I indicate a nominee so I am not stuck paying taxes on 100% of what's on the 1099R form.
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May 31, 2019
5:41 PM
The policy is in both me and my brothers name and we are splitting the proceeds 50/50. But the insurance company indicated they would report the taxable portion under 1 social (me). They indicated that I fill out some 1099 form designating him as a nominee of the proceeds. Just need direction on this with regards to the IRS and also when doing my taxes next year.
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May 31, 2019
5:41 PM
I am asking the insurance co to split the proceeds and send 2 1099-R forms showing the actual taxable amount for both of us, but if they can't how do I do this if it's all reported under my social, when I do my taxes next year? I would like to verify this on Turbo Tax and do a test with a copy of my taxes from this year (just to test it out). I say another response regarding nominee for 1099-INT but would like the instructions for a 1099-R. Also, what do I need to file with the IRS (either paper or online) to designate him as a nominee for the amount of $ that will be sent to him showing his taxable amount? Thanks
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