I am the executor of my dads estate . Dad passed away 10/26/2018, leaving an IRA approx( $11000.00) with named beneficiaries as us three siblings. Unbeknownst to me until now, eight days after his death the bank took an annual distribution of $6900.00 per usual, putting it in his joint checking account , myself as the joint account holder . This annual distribution was set up to automatically trigger at a certain date every year , which just happened to be 8 days after his death. I am thinking any distributions should have gone to us three named beneficiaries. This transaction generated a 1099 in my dads name and the $6900 flowed to his final 2018 1040 return . That return didn't have enough income to pay taxes so am thinking no big deal . However am thinking this should have been distributed to us 3 kids and gone on our 2018 1040's???
A few months later in 2019 as the executor I went to close out that IRA as well as his other accounts at that bank. Dads regular accounts were put into the estate checking that was set up prior at that same bank. They also wrote a check out to me personally for the joint checking balance . The IRA is not that big , only about $4400 left in it at this point so we just want to close it and take distributions. Before distributions the bank takes a RMD of $441 and puts it in the estate checking account ???? which generated a 1099 in the estates name which flowed to income on the 1041 estate income tax , also the state estate income tax return . Not a real big deal , not worried about a bit of an over payment . However this probably should have gone on us three siblings 2019 1040's
Mistake 3 ?
So now there is like approx. $3600 left in this IRA and and they make a check out to each of us siblings for $1200 each as distributions. For some reason this never generated a 1099 and consequently we forgot to reported the income on our 2019 1040's. Actually I left a note about it in the materials i give to my cpa every year to do my taxes but it was ignored for some reason probably because no 1099.
What on earth should i do at this point ? File a bunch of amended returns ? Am I correct that mistakes have been made ? I have called my cpa twice about this leaving messages on his answering machine but he is not getting back to me . I would like to get this matter settled and close the estate .