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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10911
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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A spouse is a recipient of a 1099-R in year of 2014.s wife

Customer Question

A spouse is a recipient of a 1099-R in year of 2014.his wife died in 2014 also.. I already did a 1041 and 1040 forms for her. Husband in inheritance bank acct money and her 1099-R
How do I handle this situation. Ray
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi Ray,

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I hold J.D. (Duris Doctorate -a Doctoral degree in the law), MBA (Finance & Tax specialization), a BBA from Mercer University's Stetson School of Business & Economics, as well as CFP and CRPS (Chartered Retirement Plans Specialist) designations - I can help

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What should have happened here is the following:

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1099-R is addressed to the spouse, and bypasses the taxable estate (1041) completely ... and the spouse will have what's called IRD (Income in Respect of a Decedent) ... essentially has to pay income tax on those dollars that were never taxed.

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So, if I underdtand correctly and the 1099-R cane to the surviving spouse you would only need to amene the 1040 (that final jount return)

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Now, if the ESTATE was named on the 1099-R, then you'll need to amend the 1041.

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Have I understood your question correctly?

Expert:  Lane replied 1 year ago.

OK, I still don't see you back into the chat here, so I'll re-cap

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Where the money was deposited doesn't matter. What matters is who the 1099-R was sent to (whose name is ***** ***** 1099-R)

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If it was the survining spouse here, it will need to be reported on the 1040 for 2014 ... IRS will be looking for that to be reported on a 2014 return for the social secuity number that was ON the 1099-R.

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So you'll have to amend the 1040 for 2014.

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Hope this has helped

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If this HAS helped, and you If you don't have additional questions on this, I'd appreciate a positive rating (by clicking the stars on your screen) ... that's the only way I'll be credited with a portion of what you've paid JustAnswer.
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Lane

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