Question

Our mother passed in October she had an annuity that she put equally in surviving children's name. upon her death we shared it equally. do we claim that as income?

Forum|Forum|5 years ago
January 26, 2021
1 reply
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do i claim the money our mother left us in her annuity that she had put in out names before she died?

TurboTax Free Edition Online

Yes, if you cashed out the annuity, you'll receive Form 1099-R from the financial institution and you'll have to claim it on your income tax return.

When you indicate in TurboTax that your IRA or plan was inherited, we'll ask a series of questions to determine how much, if any, is taxable on this year's return.

See Where do I enter my 1099-R?

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