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Reporting Requirements for Payments Made to Estates and Beneficiaries Policy

Payments of accrued wages, vacation pay, or other income made to estates and beneficiaries, regardless of whether the payment was made in the year of death or after the year of death, must be reported on a Form 1099-MISC. Report such payments in box 3, Other Income. Enter the name and TIN of the beneficiary or estate. If the beneficiary is an individual, enter their SSN and legal name. For estate payments, enter the TIN of the estate and the legal name. Additionally, these payments are subject to 31% backup withholding taxes.

Payments of death benefits from non-qualified or qualified deferred compensation plans are reportable on Form 1099-R. Report such distributions in boxes 1 and 2a and enter code 4 in box 7.