I received a K-1/1041 listing 50K income from annuities, etc., but that was not income but an IRA that was rolled over into a beneficiary IRA, from which I took a MRD in 2008 and got a 1099-R. Do I ignore this "income" on my 1040 or do I need a new K-1?
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Something is not sounding right. First of all, IRAs can not be rolled over into a 'beneficiary' IRA unless it was a spousal IRA. Who 'rolled' it? And if your K1 is reporting the $50K, then YES you need to report it on your tax return and it would have already been taxed, so there would not have been an RMD to be 're-taxed' in the form of a 1099R. I think you need to go back to the person who prepared the 1041 AND the trustee who issued you the 1099R to make sure you understand what happened and why.
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