Can I use TurboTax to prepare a 1099-MISC for money I received as nominee?

Forum|Forum|3 years ago
February 7, 2023
1 reply
22 views

I received a 1099-MISC from Okla Unclaimed Propery Div with $495 in box 3 for royalties held in the name of a deceased relative. I paid the money to a trust with a separate federal ID (I am trustee).

TurboTax Self Employed Online

Best answer by JulieS

The 1099-MISC received from the state showed my name and social as recipient. But it is not my income. The money was paid by me to the trust. So I am thinking of preparing a 1099-MISC with me as payer and the trust as recipient. I found the QEF area but I am uncertain it is the right place.

Yes, QEF is the correct place to prepare a 1099-MISC.

JohnB5677

Level 15

Did this relative pass in 2022? If so, it should be posted to their final tax return.

If the relative passed prior to 2022 they would not have to file a tax return for $495 received in 2022.

You were right to deposit the money in the trust.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

inphilipsAuthor

Level 2

The relative passed in 2020. The trust is the living trust that had been created by the relative.

AmyC

Level 15

You can create the form needed for free, just log in with the same user name and password as for TurboTax. Must be using Business or Home and Business.

I am assuming you are using Business for the trust anyway.

The bigger question is do you need to make the form? It is less than $600 so you should not need to make the form. Also, the IRS knows the person is deceased and would expect the monies to go into the trust.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"