Greetings. My father died in Oct. 2023. He had an IRA with NO designated beneficiary. Later in the year, before we had reported his death to the IRA custodian, the custodian auto-paid the annual RMD. We, the executors, deposited the payment in the estate account. The 1099-R for this payment shows my father’s SSN.
I assume that we should:
- report the income on my father’s final (2023) 1040
- subtract the same amount from the 1040 and label the subtraction “Nominee Distribution”
- file a 1099 showing a transfer of the amount from my father’s SSN to the estate’s TIN
- report the income on the estate’s 1041
If that is correct, how do I perform the subtraction in TurboTax when preparing my father’s final 1040? I see how to designate interest and dividends as nominee distributions but not 1099-R payouts.
Thank you for any advice.
