Migrated Content

Forum|Forum|4 years ago
April 6, 2022
1 reply
8 views

1099 R was received for an inheritance. My wife is responsible for 1/3 of the amount in taxable income box 2a.

She received the 1099 as representative of the will. Accountant told me to enter a negative amount in other income to offset her portion that is taxable. Turbo Tax does not let me do that. Do you know a way I can enter a negative amount in other income that will adjust tax amount owed.

Thanks,

Vic

Best answer by AmyC

You should have a 1099-R to you from whoever received the full amount. The person in charge should file a 1099-R with the IRS showing the money going from the recipient to the others nominated as beneficiaries. If the executor is not making 1099-R forms as they should, you will need to mark the extra income so the IRS knows it had more nominees. Your wife is a nominee of the 1099-R since she was nominated to receive a portion of the income.

Follow these steps:

go to the federal income section
scroll to the bottom
Miscellaneous Income, 1099-A, 1099-C, Start
Scroll to the bottom
Other reportable income, Start
Other taxable income?
Select YES
Description Other Nominee Income
Amount, enter a negative amount for the 2/3 portion that should not be on your return.
continue

AmyCAnswer

Level 15

Follow these steps:

go to the federal income section
scroll to the bottom
Miscellaneous Income, 1099-A, 1099-C, Start
Scroll to the bottom
Other reportable income, Start
Other taxable income?
Select YES
Description Other Nominee Income
Amount, enter a negative amount for the 2/3 portion that should not be on your return.
continue