1099-int For Deceased Person

by **Broehain** » Sun Jul 10, 2016 2:48 pm

s About Taxes)/1099-INT for deceased person Advertisement Expert: John Stancil, CPA - 2/8/2010 A person who died in 2008 had a CD with a beneficiary. He cashed it in 2009 and 1099-INT was issued in deceased person's name even though all the interest went to beneficiary. Tax preparer said to call bank and have them change it. They said they will not change it. Also there's a CD that a beneficiary has not cashed in yet. That total interest also went to deceased SS #. What can be done to get the bank to give 1099 to person who really received the interest? Shouldn't they know this when death certificate is presented and CD is cashed?

by **Aylwin** » Wed Jul 13, 2016 1:20 am

Chris,

Thanks for your question.

The bank should be presented with the death certificate, papers authorizing them as the personal representative of the deceased, and with information to change the listed social security number prior to cashing the CD's.

Since they refuse to change the 1099-INT, your best option is simply to include it on the beneficiary's 1040 and the administrator can deal with the IRS if they question why it was not reported on the deceased's return.

Hope this helps.

John Stancil, CPA

by **Austen** » Thu Jul 14, 2016 2:21 am

s About Taxes)/1099-INT for deceased person Advertisement Expert: John Stancil, CPA - 2/8/2010 A person who died in 2008 had a CD with a beneficiary. He cashed it in 2009 and 1099-INT was issued in deceased person's name even though all the interest went to beneficiary. Tax preparer said to call bank and have them change it. They said they will not change it. Also there's a CD that a beneficiary has not cashed in yet. That total interest also went to deceased SS #. What can be done to get the bank to give 1099 to person who really received the interest? Shouldn't they know this when death certificate is presented and CD is cashed?

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