1099 issued under the Decedent's SSN

Forum|Forum|1 year ago
March 6, 2025
2 replies
30 views

Individual passed in 2023. The investments were in a revocable trust. An Irrevocable trust with EIN was created at date of death. However, the brokerage did not move all the securities in her revocable trust to her irrevocable trust until 2024. ( most were moved in 2024) Thus, a 1099 was issued to her SSN in 2024 ( one year after passing). The brokerage will not re-issue the 1099. Do you recommend that I nominee the income to the irrevocable trust? I can create a 1099 from her SSN to the EIN.

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IRonMaN

Level 15

I wouldn’t do any fancy footwork. I would just report it in the 1041 where it belongs

Slava Ukraini!

F

Frustrated-in-IL

Level 8

What IRonMaN said. Perhaps attach an explanation statement indicating where it came from but it really isn’t necessary. Never saw IRS complain more income was reported on return than IRS has reported to them on information returns.

rbynaker

Level 13

This is common. I would attach a statement (that nobody will read) just in case something comes back later so I can see what I did.

If anything was sold, carefully check the basis and holding period (anything inherited should be long-term). Oddly enough the brokers seem to get this right now but they still insist on issuing 1099s to dead people.

J

jgcpaAuthor

Level 5

Thank you all.

Just include the income in the trust, and no 1099 to nominee from Decedent to Trust. Is that correct?

IRonMaN

Level 15

Yup

Slava Ukraini!

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