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Non qualified inherited annuity

twisniewski7
Level 3

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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2 Comments 2
Just-Lisa-Now-
Level 15
Level 15
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
Level 7

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

Did you get a Form 8971(?)

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