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Receiving a form 1099-r from the bank

So my mom was the beneficiary of my dad's  IRA.  She received a 1099-R from the bank. The letter from the bank came addressed to her like such- Jane Doe Beneficiary of John Doe. The 1099 is on my dad's IRA she had inherited but had left in the bank all these years and had just rolled it over actually. Well she passed away and had not touched NONE of this IRA. Apparently the beneficiary was her grandson (and I guess he withdrawn it all out the bank) but the 1099-R is coming back on her for the taxes for the full amount of this money instead of him. As executor over her stuff can I not submit a new 1099 to the IRS with his info on it letting them know he was the one whom received the money and he should be paying the taxes on it? I'm kinda freaking out here because this is quite a bit amount of money that she never touched nor was she old enough to start making withdrawals.

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2 Replies
SusanY1
Expert Alumni

Receiving a form 1099-r from the bank

I would start by reaching out to the bank to ask them to correct the 1099-R.   If the funds were given to the grandson, the 1099 should have been in his name. 

If the bank is local, I would make an appointment to speak with a manager to discuss the issue and if it's not, I would make the request in writing.  They should be able to honor this request, but if they are not, then I would suggest at least a brief meeting with a local estate attorney on the best way to handle any manual correction.  

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Receiving a form 1099-r from the bank

Thank you so much. I will try to reach out to the bank first they have really treated me bad over everything. I just didn't know how she could be responsible for the taxes on all this money when she never received it nor touched it

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