Level 7

Question

EST

Forum|Forum|3 years ago
April 3, 2023
2 replies
21 views

1099-Div

1099-R

Addressed to taxpayer as

ex/adm/pers rep

est of late parent

Does this go on the taxpayers return?

ProSeries Professional

This topic has been closed for replies.

dkh

Level 15

Whose SS/FID is in the recipient box of these forms ?

MGC94Author

Level 7

SS# is the late parent as recipient

I am not sure what FID is?

MGC94Author

Level 7

@PATAX I know you gave me kudos, but would take mean it does not get reported on the taxpayers?

qbteachmt

Level 15

"est of late parent

Does this go on the taxpayers return?"

I assume your title and that comment, is "est" = Estate. You need to know when the person died, and then the financial activity types each have their own events.

1099-R = Retirement. Retirement accounts typically have beneficiaries. That could be a pension, though, that dies with the decedent.

1099-Div is from investments. They can have beneficiaries. Or, it flowed to the Estate. And maybe this person had a trust that handles the estate and disburses it.

So, who was supposed to do what upon this person's death? Or, are we simply collecting paperwork and money somewhere and no one dealt with the responsibilities to wrap up the life upon the death?

Because until you know this, you don't know what to do with those forms. Maybe you are supposed to be preparing the dead person's final tax return. Or, an estate tax return. Or, a trust tax return.

We sure won't know.

Don't yell at us; we're volunteers

MGC94Author

Level 7

I am not doing the late persons return, their estate return, or their trust return.

The daughter is the beneficiary who is the taxpayer. So does it go on hers?

qbteachmt

Level 15

"The daughter is the beneficiary who is the taxpayer. So does it go on hers?"

Why would it? What was reported in that taxpayer's name and id?

"I am not doing the late persons return, their estate return, or their trust return."

Why not? Who is? Who did? When did this person die? Why didn't they get this all changed over to the new owner?

You often think we are being mean to you, but this is someone's reality you would be messing with. You don't just fill in one person's tax return with info from another person, even if they were related somehow. It's not the simple. Perhaps you don't have the full story. Perhaps they never took the required actions to resolve this. You are not the party to resolve this.

There is another topic on this forum right now, regarding forgiven debt and should the surviving spouse be reporting it as taxable income or not. Imagine if your taxpayer is trying to have you report all this income, and there was debt that the deceased person's estate should have paid off, first. You do not want to be held responsible for these things going wrong. Ask yourself, how is it there still is the deceased listed on these documents? Then, ask your client that same question.

We don't have enough information here. Neither do you, it seems.

Don't yell at us; we're volunteers

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