dfaulken
New Member

Should I file lump inherited IRA payout as income on my personal taxes or do I need to file business taxes in the name of the estate?

My grandfather and father both passed away several years ago. We learned last year that my grandfather had money in an IRA, a share of which was owed to my father. I am the executor of my father's estate. I took a lump payout from my grandfather's IRA through the estate of my father, for which I established an EIN, and the payout was made out to "Estate of [my father's name]". Do I claim that payout as personal income? Or do I need to file another set of taxes as my father's estate? In either case, what forms do I need to fill out?