1099 Interest for a deceased person
My father passed away with multiple bank accounts, naming my brother and I as 50/50 POD beneficiaries. I know that both my brother and I need to report interest paid to my father's accounts after his DOD, including the interest that was paid to the account while still in his name and included on a 1099-INT in his name.
Eventually of course these accounts were paid out 50/50 to my brother and I.
Here is how I was told to enter in TurboTax the interest that was on my dad's 1099-INT but posted to his account after his DOD:
Payer's information, Received From: "xxx Bank, Nominee interest for SSN xxx-xx-xxxx" using my late father's SSN.
This 1099-INT belongs to...: Select my name
Box 1 - Interest income: Enter the exact amount showing in box 1 of the 1099-INT
On the next screen, select the box for "I need to adjust the interest reported on my form."
On the next screen, for "Adjustment amount" I should enter half of the amount shown in box 1 (because my brother has to report the other half)
For "Reason for adjustment" I should select "I received all or part of this interest for someone else (I am a nominee)"
Does this sound correct?
