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As executor do I have to file 1099's to the beneficiaries for distributions they received from the estate?

 
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4 Replies
pk
Level 15
Level 15

As executor do I have to file 1099's to the beneficiaries for distributions they received from the estate?

@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

 

As executor do I have to file 1099's to the beneficiaries for distributions they received from the estate?

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?  

As executor do I have to file 1099's to the beneficiaries for distributions they received from the estate?

PS... the estate had no income.  Just the original assets that were distributed.

pk
Level 15
Level 15

As executor do I have to file 1099's to the beneficiaries for distributions they received from the estate?

@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

 

pk

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