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May 11, 2021
Question

How do iclaim income received from my sisters estate where I was the executor of her estate

  • May 11, 2021
  • 1 reply
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Do I owe taxes on estate payment

1 reply

ColeenD3
May 11, 2021

You can report it as other income on Form 1040 . Here's how to enter it in TurboTax.

·         Click the Federal Taxes tab ( Personal in the Home & Business version)

·         Click Wages & Income. (Personal income in the H & B version)

·         On the screen "Your 2020 Income Summary," scroll all the way down to the last section, "Less Common Income."

·         Click the Start or Update button for the last topic, "Miscellaneous Income, 1099-A, 1099-C."

·         On the next screen, "Let's Work on Any Miscellaneous Income," scroll down and click the Start or Update button for the last topic, "Other reportable income."

·         The next screen asks, "Did you receive any other taxable income." Click Yes.

·         On the next screen, "Other Taxable Income," enter a description and the amount. Click Continue.

·         On the next screen click Done.