1099-INT SS# from an estate
This is income recently discovered (Unclaimed Property) attributable to an estate closed (Estate return filed) more than 20 years ago. The interest was paid in tax year 2023, when it was discovered, but the SS# on the 1099-INT was that of the decedent. The Unclaimed Property administration in the state where it was escheated originally required my SS# with the application, as the amount was to be paid to me. The complication in filing comes from the K-1. I filled that out on the Freetax site, and the amount was properly placed on the schedule B. However, that is my ss#.
The question is, how do I get the original SS# linked to mine so there aren't problems with IRS?
A 1041 appears problematic in that it requires an "Employer ID number." The estate was closed. I was thinking of just putting the original SS# with the payer name on my Schedule B, but I realize that's not according to the instructions.
Suggestions?
Answers
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What do I look under to find unclaimed property and see how much my taxes are before they get sold to china
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Do a search using "Unclaimed Property" and your state as search terms. Each state has a department that handles it, usually under their Treasury Dept. There are some which will show up doing national searches, but I don't know how comprehensive they are; your state Treasury dept. will have the most accurate information, and they won't charge for it.
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The IRS considers found money and property as taxable income, which means you'll want to make sure you declare it on your tax return.
In Publication 559, they also say "After a decedent's death, Forms 1099 must reflect the identification number (EIN, individual identification number (ITIN), or social security number (SSN)) of the estate or beneficiary to whom the amounts are payable."
I assume the money was issued to you and in your name? You may want to contact the issuer for a corrected form.
If that is not an option, you can enter the income under your SSN but choose to mail the return, rather than efile it, with a written explanation of the 1099-INT in the decedents name.
Since an estate tax return (Form 1041) is outside our scope, I am not able to advise you on that topic.
