38Chevy454
Thinks s/he gets paid by the post
I have a question for consideration of what, if anything, I should do.
Quick background: I was executor for my parent's estate. Been closed out since 2015 as last tax year for the estate. Due to a lawsuit and settlement, as the estate representative I received a $1000 settlement check that was for my father's time as a retiree. Apparently the retiree medical insurance had not reimbursed some expenses properly for many people, and the class action lawsuit was filed on behalf of retirees. The check was made out to me as the estate rep, and I split it up as per the rest of the estate proceeds were, 1/3 to each child last December 2020. So far so good, an extra $333 to spend around Christmas, nice little unexpected bonus.
Here is the question: I received a 2020 tax year 1099-MISC, in my father's SSN, and his name, with me listed as estate rep on line below his name. My father has not filed any tax return in his name and SSN since he died in 2012. The estate (which had it own EIN) that took over his estate, was closed after 2015 tax year. So do I need to even do anything with regard to this 1099-MISC form? I am leaning to doing nothing. This is obviously the only income that has any reporting on my father's SSN. No tax would be due on this small of amount. Estate is also closed and no tax returns since last one in 2015.
Does anybody have opinion on what I should do? Thanks for the help.
Quick background: I was executor for my parent's estate. Been closed out since 2015 as last tax year for the estate. Due to a lawsuit and settlement, as the estate representative I received a $1000 settlement check that was for my father's time as a retiree. Apparently the retiree medical insurance had not reimbursed some expenses properly for many people, and the class action lawsuit was filed on behalf of retirees. The check was made out to me as the estate rep, and I split it up as per the rest of the estate proceeds were, 1/3 to each child last December 2020. So far so good, an extra $333 to spend around Christmas, nice little unexpected bonus.
Here is the question: I received a 2020 tax year 1099-MISC, in my father's SSN, and his name, with me listed as estate rep on line below his name. My father has not filed any tax return in his name and SSN since he died in 2012. The estate (which had it own EIN) that took over his estate, was closed after 2015 tax year. So do I need to even do anything with regard to this 1099-MISC form? I am leaning to doing nothing. This is obviously the only income that has any reporting on my father's SSN. No tax would be due on this small of amount. Estate is also closed and no tax returns since last one in 2015.
Does anybody have opinion on what I should do? Thanks for the help.