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jennapbt · Apr 25, 2006, 07:32 PM

I have a question about the 1099R. My brother was supposed to file for an annuity but he has to amend it for the fact that he had already filed his other w2's. He never filed, and since taxes were due on the 15th of April is there any way that he can still solve this or will the IRS tell him he's S.O.L

AtlantaTaxExpert · Apr 26, 2006, 04:45 PM

Jenna:

Normally, donations to an annuity is NOT tax-deductible. If this is a new annuity that does allow funding with before-tax dollars, then, yes, he is S.O.L.

jennapbt · Apr 26, 2006, 05:33 PM

I really have no clue I never do my own taxes. Lol. I just know it's an annuity that he receives from the passing of my mother, monthly that isn't taxed. Therefore we have to pay the amount back at the end of the year. So I'm not sure if that helps but honestly I have no clue about the whole subject. I just don't want it to come back to haunt him, building up interest that he has to pay on, you know?

AtlantaTaxExpert · Apr 26, 2006, 07:14 PM

I misunderstood. You are speaking of a distribution FROM an annuity.

Yes, that's probably taxable. He needs to get it done and filed, lest the interest and penalties pile up.