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posted Mar 4, 2020 11:02:17 AM

We received a 1099-R in the name of an estate account from my father-in-laws death. Do the distributions on that 1099-R need to be claimed on our personal tax return>

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Level 15
Mar 4, 2020 11:45:38 AM

The distribution is reportable on the estate's income tax return, Form 1041.  The estate will generally pass the income through to the estate beneficiaries on Schedules K-1, the estate will take a deduction for this distributable net income and the income will be taxed on the beneficiaries' tax returns by entering the Schedule K-1 into TurboTax when preparing the beneficiaries' tax returns.

1 Replies
Level 15
Mar 4, 2020 11:45:38 AM

The distribution is reportable on the estate's income tax return, Form 1041.  The estate will generally pass the income through to the estate beneficiaries on Schedules K-1, the estate will take a deduction for this distributable net income and the income will be taxed on the beneficiaries' tax returns by entering the Schedule K-1 into TurboTax when preparing the beneficiaries' tax returns.