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    Distributions

    Taxpayer dies and has annuity with 75,000. in interest. Taxpayers leaves 5,000.00 to 14 heirs and the money is paid out of this annuity. Check is made payable to the estate and then a check is forwarded to heirs. Would a portion of the distribution include interest and require a 1099. or be listed on k-1. Would an estate return be required to be filed if there is no estate tax due in 2010??

    Thanks

    #2
    Originally posted by gman View Post
    Taxpayer dies and has annuity with 75,000. in interest. Taxpayers leaves 5,000.00 to 14 heirs and the money is paid out of this annuity. Check is made payable to the estate and then a check is forwarded to heirs. Would a portion of the distribution include interest and require a 1099. or be listed on k-1. Would an estate return be required to be filed if there is no estate tax due in 2010??

    Thanks
    Isn't there a 1041 due for the interest earnings first? Don't forget to include that election form that allows a stepup to FMV or not. This form is required for a 2010 death to be attached to the 1041.
    This post is for discussion purposes only and should be verified with other sources before actual use.

    Many times I post additional info on the post, Click on "message board" for updated content.

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      #3
      Were the heirs listed as the benis on the annuity?

      Is so, why was the check made payable to the estate? ALWAYS list a primary AND contingent beni on EVERY insurance contract.

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