Deceased Taxpayer and Trust
I have a deceased taxpayer - that return is okay,
Brokerage House that had all of deceased taxpayer's assets (stocks, IRA, Cash Account) stated it was not necessary to open a Trust Account (Lviving Trust) on decedent's death and make a transfer of the account, then disburse funds.
Here is a question - received a 1099R for the Balance in the decedents IRA - appears the beneficiary was the "Trust" and the Brokerage House issued 1099R to the decedent under her SSN# and a Code 4 (death benefit) as the Brokerage House never corrected account.
Doesn't this distribution have to be allocated to the Trust Return, and the appropriate taxes paid as such if in fact it was distributed post death ??
If I place on the Decedent's tax return there would be no taxes due - as there are qualifying medical/nursing expenses paid. But on a Trust return being distributed to the Trust and then ultimately the beneficiaries - I have no medical expenses - the Trust is to pay for all taxes prior to distribution and I have a tax due?
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