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Insurance & Annuities Questions

By Terry Savage

Is this inheriteed annuity payout taxable?

Answered on April 09, 2013

My mother passed away in 2012. As executor of her will, I received a check from Genworth Financial for an annuity/life insurance policy that she had. I took this money and divided it equally between my brother and sister as directed in the will. I recently received a 1099R for this payment. I thought that…

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