1099-r from a death benefit...taxable income???

[ez]

just double checking before I send in my amended return that this money is indeed taxable, thanks. If I understand correctly it is taxable but not subject to any 10% penalty.

 

[PatsMom]

I believe a 1099R is a distribution from a retirement plan so it is most likely taxable when paid as a death benefit. It will not be subject to penalty.

The exception to the taxable part is any amount that represents a return of the decedent's basis. For example, if the decedent made non-deductible IRA contributions.

 

[golfgal]

just double checking before I send in my amended return that this money is indeed taxable, thanks. If I understand correctly it is taxable but not subject to any 10% penalty.

A death benefit from WHAT? This could have a lot of different answers.

 

[mickeyboat]

A 1099R reports income which was a distribution from a retirement plan. Basically and principal put in the retirement pre-tax, plus any increased value is taxed.

Other death benefits may taxed differently.