My Insurance Haven Everything you want to know about insurance

life insurance versus mortgage insurance

life insurance versus mortgage insurance

Property income over personal recipes?

My mother had an IRA, the money has been transferred the day before his death to it can be used to open the estate account, pay bills and mortgages more funeral expenses. The estate account was Open a week after she died. I received a 1099R on its behalf (and not the estate) with his SSN not his federal identification card number. Is this taxable income, his personal return? The money went in succession? Or should it simply be placed on the tax return in 1041 estate? I do not know where the money from the IRA orginiated of what would be taxable. I do not know if it came from my fathers life insurance where he past or from when she sold her house. This money helped pay his bills, mortgages and other expenses for her, if the will was approval.

If money has been moved before his death than it is taxable income and not your mother's estate. But the value of money is required to be included in his estate and back. The series will return in 1041 for income that the estate of your mother earned after his death. As far as taxability of IRA unless it is a Roth IRA, everything is taxable. And there is a limit to what can be put in an IRA on a yearly basis, making it highly unlikely that the money that the IRA was your father's life insurance or from for when your mother sold her house. You used to have to have earned income to contribute to the IRA and insurance products life or selling a home are not earned income.