QUESTION
Do I legally have to claim 1099R money as income on my tax return? How?
Asked on Jul 08th, 2015 on Taxation - California
More details to this question:
I received a 1099R in box 1. which has $31,000.00 and the same in box 2a. I paid taxes of $3110.93. Do I have to claim box 1 as income on my tax return? I also split the money with my two sisters after receiving the money.
2 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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You have to claim the amount in box 2a as income on your tax return.
Answered on Jul 09th, 2015 at 12:43 AM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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Yes, you must report it. If your sisters were entitled to part then you may be able to deduct that part if they will report it.
Answered on Jul 09th, 2015 at 12:38 AM