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Asked 2/5/2008
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Dispersement of deceased persons retirement funds. Since my wife was her fathers beneficiary she received his final military retirement check after he died. This money was put in the estate and divided between three people, her included. She received a 1099 for the full amount of the check and is expected by the IRS to claim that amount. What is the procedure to divide this money between all three recipients so we do not have to pay income tax on the full amount. |
Answer 1/3 - Submitted 2/5/2008
Answer 2/3 - Submitted 2/5/2008
Answer 3/3 - Submitted 2/5/2008
Well, they should not have done a 1099 for her. You might call the IRS hotline and ask for advice. If you have an accountant, they should be able to help you on this. Personally, what I would do is not declare the income and wait for the IRS to say something but I know not everyone is comfortable with that option. IRS hotline is 800-829-1040
You might also try to call the Taxpayer Advocate line which is separate from the IRS but is a Govt. Entity (reports to congress) at 877-777-4778.
Good luck.
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