Hi,
Our father passed in December 2020 and I filed a FInal 1040 on his behalf and Form 51.
How do we handle Interest/Dividend income received in 2021 under our father's social security number (about $3,400) and an ETIN number (about $1,200), which we were required to establish by some financial institutions as successor trustees to the folks' living revocable trust?
My brother and I were named beneficiaries and/or successor trustees on all accounts. We eventually distributed all the assets in my father's accounts to our respective individual accounts and received 1099s for income/dividends under our own social security numbers covering the time period after the accounts were closed. But, while the accounts were still open, we received 1099s under my father's SSN and the ETIN we were required to establish to distribute assets.
I understand this situation to be called "Income in Respect of a Decedent" and is addressed in IRS Publication 559, but I don't know how to handle it on our taxes and the IRS does not provide technical assistance in this area (I called them and they said we're on our own).
Thanks much,
mark
