beneficiary of swiss annuities...

[Karen Lee]

Would someone be so kind as to throw a cite at me or tell me where to begin to research...

TP is the beneficiary of 4 Swiss annuities and has received $56,000. (He and his wife went to Switzerland to get the paperwork completed.)

Death benefits.

transferred from Swiss bank to TP account via wire

I don't even know how to begin to report this on TP 1040....no 1099R

Thank you

Karen

[Guest Taxed]

http://www.swissannuity.ch/taxtreatment.htm

[kcjenkins]

If it was a one time payment due to the death of the insured, it may not be taxable at all. I think you need to read all the paperwork, to start. You need to know if your client was the owner of the annuity or only the beneficiary of the death benefit.

[Karen Lee]

One time payment....death benefit...not the owner of the annuities

Thanks for your responses.

Karen

[Guest Taxed]

I had a client who had Canadian life insurance policy from Manufacturer Life insurance Co. and they informed us with the claim payment that the tax treatment was similar to a US issued life insurance policy. No tax on the death proceeds.

[Karen Lee]

I was reading the US and Switzerland tax treaty and it looks like it is not taxable. Also reading the link you (Taxed) sent leads me to believe it is not taxable.

Thank you so much

Karen