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Merlo
Merlo, Accountant
Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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My mother-in-law passed away and my wife and her sister received

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My mother-in-law passed away and my wife and her sister received a distribution from some annuities. The insurance company sent them each 1099Rs with a gross distibution number and a taxable amount. the 1099Rs received had the same account number with my wife's account number ending with an "A" and her sisters with a "B". Each set of 1099Rs has the full amount of the distribution even though each of them only received half that amount. Does this A & B designation assure that the IRS knows that each has only received half that amount or has the insurance company made an error and we need to get them to cancel the old 1099Rs and issue new 1099Rs reflecting half the amount for each my wife and her sister?
Submitted: 4 years ago.
Category: Tax
Expert:  Merlo replied 4 years ago.

Hello ktmaloney,

 

They should not have issued 1099 forms that each show the full amount. The 1099 should only reflect what each of them received, as the IRS will be looking for each of them to report that full amount on their returns.

 

If you cannot get the company to issue a corrected form, I would recommend just listing the entire amount on line 16a, but then on line 16b only show half of the taxable amount which is attributable to each of them.

 

If this was helpful please press the Accept button.

 

Thank you kt

 

 

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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