My father passed away. Some of his interest occurred after his death and, hence, needs to be adjusted on his tax return and entered on mine. On the other hand, interest on his old EE bonds are reported to me, but I am entering it on his tax return as I am allowed to as per IRS documentation.
I know how to enter 1099 and how to adjust it on our personal tax returns. However, the instructions I read said that in addition to that I also need to file information returns for the appropriate 1099-INTs with nominee as the payer and the person responsible a payee i.e. from my late father to me and me to my father.
Reporting it to the IRS is no issue, I've already done it by getting appropriate forms from them and mailing it. The issue is what to do with NY State. Their instructions state that these forms must be e-filed, but in order to do it, they are requiring a "service account". Their documentation for creating such an account only lists option of filing information returns for businesses, not individual accounts.
Does anybody knows what an individual needs to do?
As long as there is no state withholding on the Forms 1099-INT, then there is currently no filing requirement. This is common in many states if the IRS filing requirements are followed. And if there was any NY state withholding (not common), then a copy would be required to be attached or sent with the NY state tax return.
The state of New York does not require 1099-INT reporting at this time. They are not part of the 'Information Return' filing requirements at this time.
State will receive information from the IRS at their request when and if a request is made.
As long as there is no state withholding on the Forms 1099-INT, then there is currently no filing requirement. This is common in many states if the IRS filing requirements are followed. And if there was any NY state withholding (not common), then a copy would be required to be attached or sent with the NY state tax return.
The state of New York does not require 1099-INT reporting at this time. They are not part of the 'Information Return' filing requirements at this time.
State will receive information from the IRS at their request when and if a request is made.