How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Michael Lykken, Esq Your Own Question
Michael Lykken, Esq
Michael Lykken, Esq,
Category: Estate Law
Satisfied Customers: 85
Experience:  Partner at Soares & Lykken, Attorneys at Law
77500129
Type Your Estate Law Question Here...
Michael Lykken, Esq is online now
A new question is answered every 9 seconds

My father had a variable annuity with the beneficiary being

Customer Question

My father had a variable annuity with the beneficiary being a revocable trust. He passed away in November of 2015. The taxable portion of this annuity is 600,000. The trust received the funds in January of 2016. A 1099R was issued for 2015 by the annuity company saying that the 600K is taxable. My sister and myself received the proceeds in March of 2016. How do we report this? In our return for 2015 or 2016?
JA: Thanks. Can you give me any more details about your issue?
Customer: We need to file a form 1041 for the Trust for 2015 or can we delay it even though the 1099R shows 2015?
JA: OK got it. Last thing — Estate Lawyers generally expect a deposit of about $18 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 7 months ago.
Category: Estate Law
Expert:  Michael Lykken, Esq replied 7 months ago.
Hello, my name is ***** ***** I am s licensed California attorney. Please understand that I can only provide you with general information on this forum. Also, if I do not respond quickly to a reply it is because I am either at court or in a meeting. Now that the formalities are outof the way, let's answer your question. The IRS uses 1099s to verify the income that should be in your tax return. If the annuity company issued you a 1099R for 2015, then you will have to report the income in your 2015 return. If you don't, you would likely receive a notice from the IRS that they are amending your return and assessing you additional tax. Please let me know if you need additional clarification. If not,I only receive credit for helping you if you rate my service. I would therefore appreciate it if you would do so. Thank you!
Expert:  Michael Lykken, Esq replied 7 months ago.
Hello, I hope you found my service helpful. Please understand that I only receive credit for helping you if you rate my service. I would therefore appreciate it if you would do so. Thank you!
Customer: replied 7 months ago.
Thanks
Expert:  Michael Lykken, Esq replied 7 months ago.
You're very welcome. Please let me know if you need any more information, and please rate my service when you have a chance. Thank you!

Related Estate Law Questions