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twisniewski7
Level 3
December 2, 2022
Question

Non qualified inherited annuity

  • December 2, 2022
  • 1 reply
  • 7 views

Are total distributions taxed from a non qualified inherited annuity from a parent or are the gains from the account taxable while the the contributions untaxed to the inheritor?

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1 reply

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
December 2, 2022
Basis in it wont be taxable. Have the client call and ask the annuity company how much the taxable portion of the annuity will be.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    Taxes-by-Rocky
    Taxes-by-Rocky
    Level 7
    December 6, 2022

    Smells like IRD but you might want to research it since it was unqualified.

    Did you get a Form 8971(?)

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