@saviorconnection , if the distributed amount is purely from the estate as originally constituted ( at the death of the decedent ) then NO 1099 is required. However, if the Estate had income from those original assets ( not from sale / exchange thereof ), then those gains/incomes are taxed either at the Estate level ( generally true) or can be passed on to the beneficiaries ( like a pass through ) -- in such a case a K-1 is more appropriate but even 1099 - MISC may be used ( not 1099-NEC though ) . There are other ands / ifs and buts --- we need more details as to what type of assets are you talking about
Thanks for your response. Half the beneficiaries received a combination of cash, vehicle & personal assets; the other half received real estate and much smaller amount of cash. Does this help?
@saviorconnection , no 1099s needed because there were no earnings distributed. However, if the Estate was registered with the IRS, you have file a return ( Using TurboTax Business ) as a final return showing all the assets and distributions thereof. If you did not register ( i.e. get an EIN ) for the estate/trust, then there is nothing to report.
Hope this helps