Annuity Income Tax

A parent has died and his pension was distributed to survivors of a lump sum payment. tax time is imminent. How do I know what I'm about it tax wise? I know he's considered income, but is subject to the total amount of taxes? As you can tell, I do not know the first thing about it, so go really slow!

If the income was tax deferred (ie tax on income over this issue was never paid during their lifetime), then yes, you have to pay taxes. (The other post mentioned after-tax money from an estate. It's money before taxes.)

Beneficiaries should receive a 1099-R indicating the taxable amount. You put that on the tax return.

(If an IRA, it is often all taxable. If it's something else, it may be partially taxable.)

The amount of the pension on the date you inherited, it is not subject to tax. However, interest earned will be taxed as ordinary income.

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