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smithailened
February 4, 2025
Question

Will I be taxed on a 1099r for my deceased mother?

  • February 4, 2025
  • 1 reply
  • 0 views
I was sent a 1099r with a distribution code of 7. It is an inherited ira split between my sibling and I to be withdrawn over a ten year period. Do I pay twice for taxes?

    1 reply

    T
    ThomasM125
    February 4, 2025

    The distribution will be taxable since you have a code 7 in box 7, which means it is a normal distribution. However, no one is getting taxed twice. Your mother never paid tax on the income that went into the retirement plan, so you are the only one who is getting taxed when you take it out.

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