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Since there has been an obvious breakdown in communications between Nationwide and Metlife, it seems odd that you cannot even get them to look into the need to re title the inherited annuity. Perhaps Morgan Stanley has dropped the ball as well. Have you called Nationwide directly? You should have plenty of documentation of the title on the Metlife annuity to provide Nationwide including a 2017 1099R with Code 6, but do you also have documentation that Nationwide considers this a 1035 and received the correct basis info? Possible additional consequences will be the coding on your 2018 1099R from Nationwide, as the lack of death code 4 in Box 7 would mean that the taxable portion of the distribution would be subject to the 10% penalty. 1099 forms will be issued in a couple weeks, so I would call Nationwide without delay. Once an incorrect 1099R is issued and you do not report per the 1099R, the IRS will contact you.
- This reply was modified 3 years ago by Alan S..