A close friend of many years died in August 2023. Her assets were bank accounts, an annuity, small life insurance policy, and a brokerage account (TOD). She was never married and did not own a home or a car. Her will named me as executor and left all assets to me with the exception of five CDs, all with listed beneficiaries.
The beneficiaries collected their CDs within three months of the death. Interest on each CD was $300+ from date of death to transferring the CD to the beneficiary.
I transferred our joint bank account to my name three months after death. As the beneficiary of the annuity, I know the original and interest amounts. The brokerage account was also transferred to me three months after death.
There was no probate since all accounts passed via beneficiary or TOD. I filed her will with her home county. I do not have court papers, but have filed as personal representative for an EIN for Form 1041, if needed. I have not given the EIN to any institution.
I filed her 2022 1040 and used Form 1310 to claim the refund which went smoothly.
In the case of the bank accounts and the CDs, interest was earned from date of death to the date the account was transferred to the beneficiary. For the brokerage account, interest, dividends and tax-free dividends and interest were received from date of death until transferred to me.
I will be filing her final 1040 for 2023 as a personal representative and a 1041 if needed.
My question regards the 1099s for 2023.
Will a 1099 be generated for the decedent from January 1- date of death for the CDs and joint bank account as well as the brokerage account? Will beneficiaries receive a 1099 for the CD interest attributable to them as well as for me with the brokerage account?
I’d appreciate any insight from others who have traveled this path…
The beneficiaries collected their CDs within three months of the death. Interest on each CD was $300+ from date of death to transferring the CD to the beneficiary.
I transferred our joint bank account to my name three months after death. As the beneficiary of the annuity, I know the original and interest amounts. The brokerage account was also transferred to me three months after death.
There was no probate since all accounts passed via beneficiary or TOD. I filed her will with her home county. I do not have court papers, but have filed as personal representative for an EIN for Form 1041, if needed. I have not given the EIN to any institution.
I filed her 2022 1040 and used Form 1310 to claim the refund which went smoothly.
In the case of the bank accounts and the CDs, interest was earned from date of death to the date the account was transferred to the beneficiary. For the brokerage account, interest, dividends and tax-free dividends and interest were received from date of death until transferred to me.
I will be filing her final 1040 for 2023 as a personal representative and a 1041 if needed.
My question regards the 1099s for 2023.
Will a 1099 be generated for the decedent from January 1- date of death for the CDs and joint bank account as well as the brokerage account? Will beneficiaries receive a 1099 for the CD interest attributable to them as well as for me with the brokerage account?
I’d appreciate any insight from others who have traveled this path…
Statistics: Posted by Voulsia24 — Fri Jan 12, 2024 4:40 pm — Replies 0 — Views 52