My father passed away in March here it's September, and the estate can not get closed out until the final tax return is done . Well, I did his 23 taxes, but they want 24 taxes. Well, SS will not send W2, and the company where he drew a pension said they can't send out w2 or 1099 till January. The Probate Court needs proof. How can you do taxes without W2 or 1099 . I'm at loss ?? I'm the executer of the estate also
You can’t do his 2024 taxes until 2024 is over. The employer won’t send W-2’s until January, and the IRS won’t accept returns for any year until that year has ended.
if the estate receives a 1099-r (distribution code Q) for the distribution of all funds from a roth ira, and those funds are passed to the beneficiary, does the beneficiary need to claim that amount as income and is it claimed as other income on the K1 form?
Generally, if income is received by an estate, and then distributed to the beneficiary in the same year, then the beneficiary will be responsible for the income taxes. You’ll need to talk to your own advisor to get specific answers about your situation.
A decedent's estate holds onto the decedent's home for two year after death, and then sells it. The house appreciates in value over the course of the two years. When the estate files its 1041, does it pay the long term capital gains tax from the proceeds of the estate? Or does it pass the tax liability on to the four equal heirs via a K-1?
Capital gains are generally paid by the fiduciary, but they can be paid by the beneficiaries if they’ve been distributed. You’ll need to work with your own advisors to determine the appropriate course for your specific circumstances.
Husband passed away on 6/16/2024, and his non-recourse credit card debt was canceled after his passing. The student loan borrowed by the husband to pay for their children’s tuition from government program was also canceled due to his death. The canceled student loan is not taxable. The principal residence, mortgage and home equity loan are under both the husband and the wife. There are no business, business properties, or investment properties. Questions: 1) where to report husband’s COD from canceled credit card debts? Joint 1040 or husband’s estate on 1041? 2) If on 1041, does the husband’s share of principal residence, mortgage, equity loan, and canceled student loan need to be included in the computation of the insolvency of the H's estate? 3) If there is any excluded COD income due to insolvency, what tax attributes should be reduced on the Form 982 of the husband’s estate return (1041)? Thank you.
I am the administrator of the estate of my deceased husband. I and my deceased husband were separated for two years before he passed away, and I was filing my tax returns separately. He passed away in May 2021. He was in jail for almost two years before he passed away. My husband was getting disability income when he died, but I do not know if he has filed for tax returns after we separated. I am the administrator of the estate and have sold his property and need to file 1041. Please advise me on what I should do. Thank you very much.
I'm sorry to hear about this, and you will need to get your own advisor to help you sort this out. We can't give advice about specific situations on RUclips. Please consult with your own advisor about your specific circumstances.
It depends. The estate tax return generally doesn’t look at the estate’s income, but depending on the circumstances it’s possible it needs to be included. You’ll need to consult with your own advisor about your specific circumstances.
What steps would someone take if the decedent did not file the previous years taxes and you are responsible for filing the final year tax return? I have spoke with the CPA office and they confirmed she did not file taxes for the previous tax year, I cannot get her tax preparer to return my calls.
You may need to get another tax preparer. It’s possible for them to request the information that the IRS has to prepare any missing returns so you can close that out.
At about 2:38 in the video, you say (correct my paraphrase here if needed) that if the deceased’s income gets distributed out to the beneficiaries, then the income tax on it will be paid by the beneficiaries”. To limit discussion to income in the form of dividends and interest in accounts that have Transfer-on-Death or Payable-on-Death provisions set up for the beneficiaries: the 1099’s for the beneficiaries for their inherited accounts *should* include income starting the day after death (right?). This assumes timely notice of the death to the financial institutions. If that is true, then there is no income from these accounts retained by the estate after the death that will necessitate an estate EIN or a Form 1041, is that correct? Thanks!
As you’ve described for transfer on death accounts, the estate would never have been entitled to the income. You’ll need to discuss your specific circumstances with your own advisors.
I know for a non qualified annuity (outside of a retirement account) the agreement states all income generating proceeds will stop upon the date of death (or the date after) so???... -John's wife
Thank You !
You're welcome!
It doesn't answer the question, just says take it to a preparer.
Thanks for the tip-title has been updated.
My father passed away in March here it's September, and the estate can not get closed out until the final tax return is done . Well, I did his 23 taxes, but they want 24 taxes. Well, SS will not send W2, and the company where he drew a pension said they can't send out w2 or 1099 till January. The Probate Court needs proof. How can you do taxes without W2 or 1099 . I'm at loss ?? I'm the executer of the estate also
You can’t do his 2024 taxes until 2024 is over. The employer won’t send W-2’s until January, and the IRS won’t accept returns for any year until that year has ended.
if the estate receives a 1099-r (distribution code Q) for the distribution of all funds from a roth ira, and those funds are passed to the beneficiary, does the beneficiary need to claim that amount as income and is it claimed as other income on the K1 form?
Generally, if income is received by an estate, and then distributed to the beneficiary in the same year, then the beneficiary will be responsible for the income taxes. You’ll need to talk to your own advisor to get specific answers about your situation.
A decedent's estate holds onto the decedent's home for two year after death, and then sells it. The house appreciates in value over the course of the two years. When the estate files its 1041, does it pay the long term capital gains tax from the proceeds of the estate? Or does it pass the tax liability on to the four equal heirs via a K-1?
Capital gains are generally paid by the fiduciary, but they can be paid by the beneficiaries if they’ve been distributed. You’ll need to work with your own advisors to determine the appropriate course for your specific circumstances.
Husband passed away on 6/16/2024, and his non-recourse credit card debt was canceled after his passing. The student loan borrowed by the husband to pay for their children’s tuition from government program was also canceled due to his death. The canceled student loan is not taxable. The principal residence, mortgage and home equity loan are under both the husband and the wife. There are no business, business properties, or investment properties.
Questions: 1) where to report husband’s COD from canceled credit card debts? Joint 1040 or husband’s estate on 1041? 2) If on 1041, does the husband’s share of principal residence, mortgage, equity loan, and canceled student loan need to be included in the computation of the insolvency of the H's estate? 3) If there is any excluded COD income due to insolvency, what tax attributes should be reduced on the Form 982 of the husband’s estate return (1041)? Thank you.
You'll need to work with your own tax preparer on these questions. We cannot provide specific advice in your situation.
I am the administrator of the estate of my deceased husband. I and my deceased husband were separated for two years before he passed away, and I was filing my tax returns separately. He passed away in May 2021. He was in jail for almost two years before he passed away. My husband was getting disability income when he died, but I do not know if he has filed for tax returns after we separated. I am the administrator of the estate and have sold his property and need to file 1041. Please advise me on what I should do. Thank you very much.
I'm sorry to hear about this, and you will need to get your own advisor to help you sort this out. We can't give advice about specific situations on RUclips. Please consult with your own advisor about your specific circumstances.
Can the 1041 be filed after the estate has been closed with the state? Would the executor still sign the return?
It will depend on the state. Estates typically are not formally closed in Texas, so it’s not an issue here.
When preparing a 1041, does the refund from decedents individual tax return count as income in regards to estate income tax?
It depends. The estate tax return generally doesn’t look at the estate’s income, but depending on the circumstances it’s possible it needs to be included. You’ll need to consult with your own advisor about your specific circumstances.
What if someone is on disability or social security do they still have to file because that's their only income
It depends on how much total income they have. Talk to your own advisor about your specific circumstances.
Say for instance social security was the only income they had
@@jasonmiller270 You'll need to talk to your own advisor about your specific circumstances.
What steps would someone take if the decedent did not file the previous years taxes and you are responsible for filing the final year tax return?
I have spoke with the CPA office and they confirmed she did not file taxes for the previous tax year, I cannot get her tax preparer to return my calls.
You may need to get another tax preparer. It’s possible for them to request the information that the IRS has to prepare any missing returns so you can close that out.
At about 2:38 in the video, you say (correct my paraphrase here if needed) that if the deceased’s income gets distributed out to the beneficiaries, then the income tax on it will be paid by the beneficiaries”. To limit discussion to income in the form of dividends and interest in accounts that have Transfer-on-Death or Payable-on-Death provisions set up for the beneficiaries: the 1099’s for the beneficiaries for their inherited accounts *should* include income starting the day after death (right?). This assumes timely notice of the death to the financial institutions. If that is true, then there is no income from these accounts retained by the estate after the death that will necessitate an estate EIN or a Form 1041, is that correct? Thanks!
As you’ve described for transfer on death accounts, the estate would never have been entitled to the income. You’ll need to discuss your specific circumstances with your own advisors.
Thanks very much for the timely reply!@@strohmeyerlawpllc
I know for a non qualified annuity (outside of a retirement account) the agreement states all income generating proceeds will stop upon the date of death (or the date after) so???... -John's wife
can you file a 0 estate return?
You could. Why would you want to do that?
my question is if they passed at the end of December what do you file?
@@mquiralte1 You will file the final Form 1040, and if the decedent received $600 or more after 12/31 then Form 1041 will need to be filed.
@@strohmeyerlawpllc To start running the statute of estate tax return?
@@yonatanj9846 Filing a zero return when that's not accurate is not a good way to accomplish that.