My bank issued one 1099 to the estate, but there were 2 beneficiaries and that money has been dispersed. Do I need to adjust the 1099 manually, ask the bank to issue 2 separate 1099's or do something else. It is from an IRA that was rolled into a trust before being divided so was told that taxes are due.
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Does the 1099-R have the estate's EIN? What tax ID number is on the 1099? If it's the EIN of the estate you're going to have to file a 1041.
Does the 1099-R have the estate's EIN? What tax ID number is on the 1099? If it's the EIN of the estate you're going to have to file a 1041.
since it was issued to the estate and I assume it was the estate's FEIN on the form, it's the estate that reports it on its form 1041. it pays the tax on it, if any unless the income was distributed in accordance with the governing documents. then it issues k-1's to the beneficiaries to report the income they received.
Thank you!!! Now I understand. I should have excluded the estate 1099 on the bank import. Will do that and then figure out where the 1041 (schedule k-1) turbotax form is! Thanks again!
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