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Tuesday, May 20, 2014

Proving Tax Compliance

After some ado, Sue as the executor of her dad Luke’s estate in the probate court has now paid all of her father’s valid bills and received written proof of payment as needed for the court.  As Luke’s only daughter and the sole legatee (beneficiary) named in his Will, Sue is now ready to distribute what is left after the bills to herself.

But first she has to make sure the appropriate reporting is to made to the IRS by filing Luke’s final Form 1040 income tax return as well as the income tax return for the Estate, a Form 1041.  She must still be the executor appointed by the court to have the proper authority to sign the Estate’s return. 

Properly done, the two returns will divide the income received on Luke’s assets during the past year between Luke and the Estate, based on the date of his death.  Plus, the IRS will be informed of the death and the planned completion of the Estate so that it will not expect additional returns in future years.

It is a common mistake for family to be unaware that both a final personal income tax return and at least one Estate income tax return will need to be filed before the Estate is finished. 

For advice on taking care of a deceased family member’s estate, call our office at (815) 436-1996 for an appointment.  © 2014 Gruber Law Office, Ltd.


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