Legal Question in Wills and Trusts in California
My father-in-law had an IRA account that his daughters (one of whom is my wife) and son discovered two years after he passed away. Apparently the bank didn't "know" this IRA account belonged to him when the family was trying to close out all of his bank accounts, etc. The bank finally released the balance in the account (about $30,000).
We got a 1099R for the 2011 tax year under the estate ein (IRS assigned an EIN number for filing the 2010 fiduciary (?) return) for almost $30,000 of taxable distributions. Will the family members that got the benefit of those proceeds have to pay the taxes due from the fiduciary return if all of the monies from the estate have been liquidated and distributed? Thank you.
Asked on 3/16/12, 5:25 pm
1 Answer from Attorneys
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