topic 1099-R for Estate in Business & farm

1099-R for Estate

jdyjnsn — Mon, 24 Feb 2025 19:09:11 GMT

I was told by Turbo Tax to use Turbo Tax Business to file 1099-R for my daughter's estate. I can't find where to enter a 1099-R. I put under "other" I can't find where to put the taxes that were deducted either. I added her daughters as beneficiaries

Re: 1099-R for Estate

RobertB4444 — Tue, 25 Feb 2025 16:06:49 GMT

A 1099-R is a distribution from a retirement account. In the wages and income section of TurboTax scroll down to 'Retirement plans and social security'. Click start next to the first option '1099-R' and enter the information from your form there.

@jdyjnsn

Re: 1099-R for Estate

jdyjnsn — Wed, 26 Feb 2025 00:49:34 GMT

Thank you, but I have Turbo Tax for Business which is the one I was told by Turbo Tax to get. I don't find a section labeled Wages and Income. Just Investment Income, Rentals, Business Investment and Other and none of those list a 1099-R. I hope I can use this one as it was expensive.

Re: 1099-R for Estate

ThomasM125 — Wed, 26 Feb 2025 01:08:17 GMT

You enter the income under Other Income or Loss, and then Other Income or Loss on the Your Income screen:

You enter the taxes withheld in the Other section and then on the screen that says Tax Payments, choose 2024 estimated tax payments:

Re: 1099-R for Estate

jdyjnsn — Thu, 27 Feb 2025 20:25:06 GMT

Yes I found where to enter the numbers. I do have one more question. I am executor of estate, but the funds will go to two daughters. I was planning on just paying the taxes before its dispersed to them. I read that they would have to claim the money on their taxes too, so I didn't put them down. Which is better to do?

Re: 1099-R for Estate

AmyC — Thu, 27 Feb 2025 23:44:40 GMT

Since the estate needs to name the beneficiaries and the amount distributed, that is the best method. The k-1 forms are reported on their personal tax returns.

You are filing form 1041 for an estate. About Form 1041, U.S. Income Tax Return for Estates and Trusts.

The estate form will reduce taxable income by the distribution. If they are receiving the full distribution, there is no taxable income to the estate.