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I am helping my sister in law file a PA inheritance tax

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I am helping my...

I am helping my sister in law file a PA inheritance tax return form PA-1500. My question however is federal. There was an IRA without a beneficiary that was distributed to the estate and will be distributed to the other siblings thru the estate. For PA the IRA is not taxable however for the Feds it will be. I was wondering if when filing the 1041 for the Feds can I just have the distribution of this IRA as a deduction and have it taxed at the beny's rate or does it just get taxed fully on the estate level?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Distribution of the IRA from the estate will be in the same tax year. However the funds went to the estate first then are being distributed to the beny's

Submitted: 4 months ago.Category: Tax
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11/30/2017
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 4 months ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
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Hi from Just Answer. I'mCustomer and can assist.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 4 months ago

You can report the receipt of the IRA as taxable on the estate's 1041, then report the same amount as an income distribution deduction. This will then move the tax liability to the beneficiaries via the 1041 K-1 they will receive.

Thanks for asking at Just Answer. Positive feedback is appreciated. I'mCustomer

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