1099-R for IRA RMD with a Look Throught Trust as Beneficiary
My mom named a look through trust as the beneficiary of her IRA. After she passed away in 2013, a RMD was taken in 2013, but it was made payable to her look through trust.
Should the 1099-R for the 2013 RMD show my mom’s look through trust as the “Recipient” of the RMD, along with naming me and my sibling as trustees in the “Recipient” section of the 1099-R form (as shown below)?
Jane Smith Trust
Bill Smith & Dave Smith Trustees
1501 Forest Avenue
Detroit,MI
Please let me know if the information above for the “Recipient” section of the 1099-R contains the proper info.
Thanks so much!
Permalink Submitted by Alan - IRA critic on Wed, 2014-02-26 03:13
The recipient description is OK, but more important is that the EIN # of the trust should be shown as recipient’s identification number. Distributions after death of the IRA owner should always be reported to the beneficiary, in this case that is the trust. The trust would then handle the distribution according to the terms of the trust.