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AndyW712888
Contributor ⭐
August 31, 2026

1099-R

  • August 31, 2026
  • 1 reply
  • 32 views

I have an inheritance coming from a Non-qualified Annuity Contract. My portion is 29k.

They say that 12k is reportable as a taxable distribution 0n form 1099-R. I haven’t had to file 

taxes for 3 years. I get 2385.00 SS a month and 833.00 pension. I’m 69 widowed and don’t 

own a home. Do I need to have taxes taken out or just pay later if due. 

1 reply

GailL1
September 1, 2026

You will be fine if you just wait until the end of the year and file your return by 04/15 - 12K is not that much added and since you last filed the deductible amount for Seniors has gotten larger and added another $ 6000 to avoid the taxes on Social Security benefits so it probably will not add too much, if any, to any taxes you may owe. .

 

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