Nominee of IRA???

[Kea]

Client's father received IRA distribution (RMD) after he passed. How do I nominee this to my client (his heir)? Or do I?

Thanks

[OldJack]

You file form 1041 tax return.

[Kea]

OK, that makes sense. Thanks!

[joelgilb]

Does it?

Did the IRA have a beneficiary designation? Did it pass outside the Estate and go directly to her? Who was the check made payable to, the deceased? And if so, how did she cash it?

Ok, nothing but questions here but they need to be asked by someone, hopefully you asked them and if not you need to.

Where's Jainen when you need him. Hate doing his job. :)

[Kea]

The IRA & distribution were in his name (but not his SSN-- I think it was his late wife's SSN so probably one he inherited). The IRA and a checking account were at the same bank. The bank account was joint with daughter. The bank just moved the RMD directly to the still open checking account. Daughter was designated beneficiary.

Checking account was left open for a few months to make sure all direct deposits & direct debits were canceled. IRA has since been transferred to inherited IRA at another institution.

[OldJack]

>>The IRA & distribution were in his name<<

That makes it a 1041 if required to file.

[Kea]

I haven't had to do a 1041 in a few years, so I will be reviewing what transfers to the 1041 and what gets "nomineed out" to the heir's 1040.

Thanks