schirallicpa Posted February 27, 2021 Report Share Posted February 27, 2021 An estate receives a pension distribution that distributes to beneficiary. The guy that died would have been able to exclude the pension up to 20000 as he was over 59.5 years old. If this had been a direct distribution to my taxpayer, I would have excluded up to 20000. So since this went around the block thru the estate, does rule still apply? Quote Link to comment Share on other sites More sharing options...
GraceNY Posted February 27, 2021 Report Share Posted February 27, 2021 Yes. I have done this before. The 20k would be if there is only one beneficiary. If more than one, there is a special allocation. Also, if there is a final decedent return being filed and the deceased is utilizing part of the exclusion, you can only use the balance of the 20k. I'm leaving the office for the day. I can add more tomorrow after i pull the file where this was done. I can't recall off the top of my head the Form # and Codes. I think it's IT-225. Grace Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted February 28, 2021 Author Report Share Posted February 28, 2021 That's all I needed to know. I thought so, but could not confirm. Thank you GraceNY!! Quote Link to comment Share on other sites More sharing options...
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