Nominee income for estate

This post is getting stale, so here goes. You state that a small amount of income will go to the estate. That is incorrect. The income is going to go to your wife as she is the primary on the account. She was a nominee for the decedent. The income in question is called IRD (income in respect of a decedent). This income winds up on either the estate's return, any beneficiary on the account to which the income passed directly or to any beneficiary of the estate entitled to the funds.

So.... your wife can nominate the estate for the money (an EIN will be required) or she can nominate the beneficiaries of the estate and give them the money. If she is the sole beneficiary, she need do nothing. If she and let's say her sister were equal beneficiaries, then she would nominate her sister for half of the income.

Alan wrote in news:lqmi1m$t62$ snipped-for-privacy@dont-email.me:

Thanks. Sonds pretty simple. In the past it seemed like I needed to do a 1099-Misc but I suppose IRS isn't that dilligent (I know some years I didn't and never heard anything).

scott s. ..

By the way.... my reference to "she doesn't have to do anything" was to entering data as a nominee. She does have to declare the income that is on the 1099 she receives.

Understood.

scott s. ..