Please accept my condolences. You have quite a few questions and hopefully this will address them.
I did not think I had to follow up to see if they actually collected their inheritance. Is this true? This question is a little outside of our scope, however, the trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust.
Can all of the individual amounts for each category (ie. Interest, Dividends, etc.) regardless of the name of the specific institution that held them, be added together? Yes. exactly as you explained. However, if you can do it by each institution it would appear more accurate to the IRS as they do matches by company EIN and Your Social security numbers.
1099s and1099-OIDs and need to enter them somewhere as well. Where would that be? Under Federal Taxes, select Wages & Income. Under Interest and Dividends, click Show More. Under 1099-OID, Foreign Accounts, click Start.
Would the IRS and Turbo Tax consider me a “nominee” since I was nominated as a POD beneficiary or do I have another title? Generally, if you receive a Form 1099 for amounts that actually belong to another person or entity, you are considered a nominee recipient.
Must I give 1099s to myself? No.
Would these 1099s also have to be sent to the IRS or does Turbo Tax have a different option? If they had to be issued, then yes IRS must receive copies.
See the article below, it will answer most of your questions.
Estates and Trusts Questions and Answers
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