L.S. Posted February 10, 2010 Report Share Posted February 10, 2010 Partnership received 4 1099R's to the partnership id number. (1) from American Equity Investment Life Ins. Co. with a taxable amount, code 7 and amt withheld for federal and state. (2) from Aviva Life & Annuity Co w taxable amount, code 7 and amt withheld for federal and state tax. (3)from Aviva Life & Annuity Co w/ taxable amount, code 7 and amt withhold for federal and state tax. (4)from Liberty Bankers Life Ins. Co - gross distribution, total distribution box checked and code 6 Questions - there is no 1099R available for partnership - so I have used the 1040 1099R and input the above information. of course the partnership pays no taxes - inc/exp should flow through to the K-1's - should this flow through to the K and be investment income - do I need to manually put it there or does the program do this? Also, what about the withholding - how will that work - I am thinking there should not have been any withheld since partnership pays no taxes, but since there was - what happens now with that? thanks for any and all help Quote Link to comment Share on other sites More sharing options...
OldJack Posted February 11, 2010 Report Share Posted February 11, 2010 So how did a partnership get a retirement distribution? Quote Link to comment Share on other sites More sharing options...
L.S. Posted February 11, 2010 Author Report Share Posted February 11, 2010 very good question - I am trying to get further information on this! Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted February 11, 2010 Report Share Posted February 11, 2010 If the partnership was named as beneficiary, then the partnership needs to inform each partner of their share of both the income and the withholding. I'd treat the partnership in that case just as you would someone who receives 'nominee income' entering it in but then deducting it out and issuing a 1099R to each partner for their share. Quote Link to comment Share on other sites More sharing options...
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