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R
r-mpeckham
March 21, 2020
Question

How do I designate a 1099R as a "survivor benefit"?

  • March 21, 2020
  • 1 reply
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1 reply

RobertG
RobertG
March 21, 2020

Life insurance payouts are not taxable, but if you got a 1099-R, it may not be a life insurance payout.

 

it may be an annuity that was purchased from an insurance company.  

 

Look at the distribution codes in box 7. Code 4 is death and Code D is Annuity payment.

 

If you have those codes this is an annuity purchased from a life insurance company, not a life insurance payout. 

 

It is taxable income.  These deferred accounts do not get a stepped-up basis on death.  The issuer of the annuity may be able to give you some more detail on this investment. 

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