New Member

Inherited Income

As my mother's beneficiary, I received some income that was due to her after her death in mid-2016. This excerpt (below) from a TurboTax article describes my problem pretty well. The 1099 that this income belongs to was reported in her name but I want to report it on my return but can not figure out how to do it in TurboTax. Thanks for any help!

"That can create some hassles since the payer – a mutual fund, bank or broker, for example – will report income to the IRS on a 1099 form. Although you should try to get ownership of the account changed as quickly as possible after the death of the owner, the 1099 income report may well show more income assigned to the decedent than it should. In such cases, you must report the entire amount on Schedule B of the decedent's return, and then deduct the amount that is being reported by the estate or other beneficiary who actually received the income."