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Received a inherited annuity in cash as reflected on 1099-R. But Turbo Tax insists it's an inherited IRA and asks about RMDs. How to treat the annuity in Turbo Tax?
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OK, you will enter the 1099R exactly as received.
Due to inherited, which it is, you will answer, "yes" I took my RMD, (as you are collecting an annuity) and then answer, "Yes" all is RMD, and that is all you need to do.
Inherited IRA's must-have certain amounts taken each year, and with the annuity, you are doing that.
To enter pension and annuity Payments (1099-R)
- Click on Federal Taxes
- Click on Wages and Income
- Click on I'll choose what I work on (if shown)
- Scroll down to Retirement Plans and Social Security
- On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button
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