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My mother passed last year and left money as beneficiary on insurance. I received a 1099-R for it but told by financial advisor I do not need to claim as inheritance and our state has no tax. 1099 2a list part of it as taxable and block 7 is D4

Inheritance Tax 1099-R
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Tax Professional Answers

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John Stancil
Inheritance tax is not an issue. The issue here is income tax. A 1099-R with the indications you state, is taxable to the extent shown on the form.
Leave a Comment 17 weeks ago

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John Dundon, II EA
Your investment adviser is partially correct. Assuming the 1099-R is reported in your personal name and SS# the amounts claimed are reported on your personal income tax form 1040. The 'taxable amount' in box 2a is taxable income to you. It is easy to speculate that the estate fell under the minimum exclusion and as such there would be no estate tax filing (or payment) requirement (Form 706)... for the estate...
Leave a Comment 6 weeks ago

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