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patposs
Mar 13, 2007, 10:58 AM
My sister and I inherited some money from my dad's annuity. The firm took out taxes before paying us. How do I report this income. The total amount or the amount less taxes already paid? Where on form 1040 do I put the taxes already paid?

AtlantaTaxExpert
Mar 16, 2007, 11:54 AM
Report the entire amount of the distribution.

Add the withheld taxes to the withholding listed on Line #64 of Form 1040.