- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
State tax filing
Since I don't know what percentage the beneficiary is, I used 50% for my playing around. Since I was using 50%, that meant that I had to double the amount on total amount of decedent pension.
You had 100% went to one person which allowed the excess exclusion.
I changed it to 50% and got half the exclusion
Here is what you need to do:
- Return to your state and go to the Retirement Distributions Summary.
- Select Edit
- Beneficiary? Select Yes
- Decedents date of birth, enter
- Total amount of decedent pension -if you are 50% beneficiary, double the amount you received. Enter whatever number works with your beneficiary percentage. Example: If you received $8,000 and there are 4 other beneficiaries, you received 20% of the total. The total to enter here would be $8,000 x 5 = $40,000.
- Exclusions claimed on decedent return - enter zero
- Your Percentage Share of Total Distribution - enter the percentage that is correct for your share of the inheritance. For example, above as one of 5 beneficiaries, enter 20% here.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 14, 2023
3:47 PM