1099-R code 4 (death) but still alive?

[AZ-Tax]

This is the first one I came across. The 1099-R has code 4 (death) and the taxpayer is still living. The taxpayers spouse died several years ago and the 1099-R does NOT have the "total distribution" box marked.

Is it possible this is funds still from the spouse's acct who died several years ago?

[JG EA]

Yes, it is possible. I have clients that receive this type of income yearly.

[erchess]

When I get this situation

I always ask if I may touch the client in order to assure myself that they are not a spirit. After all, if I have a return for a spirit I should not do it myself, but rather have it ghost written.

[joanmcq]

The code is that it is not subject to the early withdrawal penalty because the person the account belonged to died, and the current taxpayer inherited it. A dead person can't take an IRA withdrawal last time I checked.

[RLymanC]

Code 4

I have had some deadbeat clients with a 1099-R.

[veritas]

George Burns

"If you live to be a hundred, you've got it made. Very few people die past that age."

[ChEAr$]

most often

I find that code 4 on US civil service 1099R's for the surviving spouse.
And on military retiree statements for same relationship.

[Black Bart]

Saw this joke recently

in the monthly newsletter of the Arkansas Society of Accountants:

"Of life's two certainties (death and taxes); only one can be amended.

[ChEAr$]

good advice

in the monthly newsletter of the Arkansas Society of Accountants:

"Of life's two certainties (death and taxes); only one can be amended.

but I'll also mention that to my biographer.

Well, not "biographer", but maybe obit writer.