Inheritance

Forum|Forum|7 years ago
January 24, 2019
2 replies
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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.

MargaretL

Employee

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.

F

Ford2018

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?

ColeenD3

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.