Discussion:Taxable distribution to an estate...
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| 4 April 2006 | |
| Client died in 09/05. She had her deceased husband's retirement acct, valued at around 206K at the time of her death. Insurance Co. says it is all taxable to her or to her heirs as income upon distrubution. Looks like I show this as Other Income on line 8 of the 1041...is this correct? | |
| 4 April 2006 | |
| No. If IRA has beneficiaries they have (or in the unfortunate case had) all sorts of options, and the 1099R should be in their names. If IRA was in distribution make sure RMD was distributed in 2005. If beneficiary was somehow the estate you had other options as well but if you are looking at a distribution that has already occurred yes, other income. | |
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