If your uncle's executor received a 1099-R and you are one of three beneficiaries, here's how it works: Executor's Responsibility: The executor reports the total amount from the 1099-R on the estate's income tax return (Form 1041). The estate pays any taxes due. Beneficiaries' Responsibility: If the distribution was passed directly to the beneficiaries, the executor issues a Schedule K-1 to each beneficiary. Each beneficiary, including you, reports their share on their individual tax returns and pays any taxes dueFor more details, check out the TurboTax's resources.

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anthony___

Question

My uncle's executor received a 1099-R. As one of three beneficiaries, I received a third of the inheritance. Who is responsible for reporting the 1099-R and paying taxes?

Forum|Forum|1 year ago
February 27, 2025
1 reply
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SabrinaD2

If your uncle's executor received a 1099-R and you are one of three beneficiaries, here's how it works:

Executor's Responsibility: The executor reports the total amount from the 1099-R on the estate's income tax return (Form 1041). The estate pays any taxes due.
Beneficiaries' Responsibility: If the distribution was passed directly to the beneficiaries, the executor issues a Schedule K-1 to each beneficiary. Each beneficiary, including you, reports their share on their individual tax returns and pays any taxes due

For more details, check out the TurboTax's resources.

anthony___Author

Thank you so much @SabrinaD2 This definitely helps a lot but it also raises more questions. I'm pretty sure the 1041 and K-1 were not issued. So, to clarify, I should not be doing anything about this 1099-R?

If I might add to the first question, I'm looking at two checks right now. One is from the 1099-R / his IRA and the other is from the sale of the home and as well as another investment account. I've received no IRS related paperwork in regard to any of this.

Actually, the question I should be asking is what happens if other people screw things up and I don't file properly?

dmertz

Employee

"what happens if other people screw things up and I don't file properly?"

You'll file your individual tax return based on what ever you receive on a Schedule K-1 (Form 1041). If the estate files incorrect tax return, they'll need to amend. That that amendment changes the Schedule K-1) reporting, you'll likely need to amend as well.