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?
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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?
Report the entire amount of the distribution.
Add the withheld taxes to the withholding listed on Line #64 of Form 1040.
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