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If actual $ (as displayed on a 1099-R) is not received but turned into a new account, is it taxable income? |
I received a 1099-R from my deceased spouses account. No funds transferred hands; it was just converted into a new account. It seems that this should be considered a rollover. Is this a good assumption? I would need a lot more information (and to do some research) before answering your question in full, but one thing you should check is the box labeled 2a (on your 1099-R) - Taxable amount. If there is a number other than zero in that box, then the institution thinks that amount is taxable income to you. If there is nothing in box 2a but box 2b is checked, then you may still have taxable income. Depending upon when the distribution was made, you may still have time to cure any tax problems, but you need to get yourself to a qualified advisor. Don't assume anything! |
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