Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
How do I calculate taxable amount on 1099R?
The distribution was from my father's annuity paid to me after his death. The taxable amount line (2a) is blank.
2 Answers
- 1 decade agoFavorite Answer
You need to find out from the comapny you are receiving the annuity from if your father had any sort of basis, or what part or percentage of the annuity he contributed to it.
Example: If you are receiving $12,000/year from his annuity ( I am assuming there is a code 4 in box 7 of the 1099R) and he contributed 50% to the basis of the annuity then only $6000 of the total $12,000 distribution is taxable to you.
If he contributed ALL of the basis then NONE of the distribution is taxable to you and that may be why box 2 of the 1099R is empty. But you really need to double check with the annuity company before exempting the entire amount just because box 2 is empty.
- 1 decade ago
Its all taxable.. Honestly the banks are just lazy to type it in but yes all of it is taxable.
Source(s): Tax Preparer
