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-   -   Paying taxes on inherited annuity (https://www.askmehelpdesk.com/showthread.php?t=19662)

  • Feb 3, 2006, 04:21 PM
    sandcrow
    Paying taxes on inherited annuity
    My brother and I were beneficiary of an annuity. I understand we pay taxes on the taxable amount listed in box 2a of the 1099.
    My question is... do I treat this as income adding it to myearned income and possibly raising my tax bracket, or do I pay taxes based on the earned income bracket? What Federal tax form addresses this tax issue?

    Thanks
  • Feb 3, 2006, 11:40 PM
    AtlantaTaxExpert
    The income will probably be reported on Line 16B of Form 1040.

    It will raise your income taxes.

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