edrakin
Level 2
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Client's daughter died in 2024. She had no beneficiary listed on her retirement account, which was worth $740k. It was paid to the Estate in 2024, and she received a 1099 to the Estate showing the income and $222k of tax withheld. Because I am doing a first and final 1041, it produces a k-1 showing all the $740k of income being passed out to the mother (as heir) and a $222k refund to the estate. Is this the proper result? Client will need to wait for that $222k refund and pay a similar amount on her personal return if so. Thanks in advance.