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Financial Planning / Tax Strategies
|Subject: Re: Joint Account Treatment||Date: 2/16/1999 7:26 PM|
|Author: AEP||Number: 10375 of 122037|
Thanks for your reply to my questions. As in most technical areas - answers seem to breed additional questions.
When you said that the States control how "Property" is handle in these circumstance, you are including bank accts and stock as Property? I never really give this much thought, but it seems reasonable, these items are owned.
I had already assumed that I'd have to split the earnings reported on the joint accts by the before and after the date of death. I created a spreadsheet using Bank statements. I was somewhat unsure which taxid to if the type of Joint Tenant acct made any difference, you have indicated that this isn't an issue? (The IRS Pub 559 only directs that the surviving owner should be apportioned the after death amount of earnings from the acct - without specifing any type of joint acct.)
I assume that I could total up all the post death interest that was reported to my mother's SSN from various banks accts F-1099 that I have recieved which all note the same recieving TIN number, and then redistribute single amount of (after death) $ to my SSN via (1) F1099-int made out by me? Apparently, I'd also have to show this redistribution of post death earnings on Schedule B noting the TIN/Taxid having this money reported to it. The same routine for Dividends. Do I show a simple total and subtraction with a ref to the redistribution TIN on the schedule-B?
Would something like this also need to be done for the 1099-R annunity distribution $ that showed the 11 months of annunity monthly distributions all to my mother's SSN? Another new F1099-R generated by me to my mother's Estate EIN and some form of notation on her "Final" Income tax return simular to the routine above for the schedule-B? Could you point at where this notation should be entered on my mother's "Final" return - if you agree that my assumption above is appropriate?
Al in Connecticut
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