Handling an Annuity Inheritance in Georgia
My husband inherited 1/3rd of an annuity when his mother passed. I thought Georgia didn't have an inheritance tax. They are taxing us on the same amount that the federal is. The 1099-R has $197,009.24 in Box 1, $161,679.44 in Box 2a, and $35,329.80 in Box 5. The distribution codes are 4D. TurboTax Georgia is including the amount in box 2a as income. Does anyone know if that is accurate?
Thanks for the help!