and I dont see any legal docs with any EIN number, personal rep etc. Just 1099-R, 1099-B, 1099-int etc. with the individuals name on it. 2nd the sister of the deceased said some accts did not change over in time so the deceased will have some 1099-int for 2009. So do I file a 1040 opposed to a 1041 for tax year 2008?
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You will need to file a final 1040 and maybe a 1041, depending on how much income the estate received. Interest income will need to be prorated and shown as nominee interest on 1040. Any account that didn't have joint ownership will probably need to go through probation and court will or has appointed representative. Lots of issues involved here. TTB deluxe has good info on this subject.Originally posted by AZ-Tax View Post -
OK, the deceased had a "will" and most of her
accts were "TOD", "OR" , "POD" but most of the 1099-int 08 were just in her name. She also had some annuities which automatically went to the named benificary. As mentioned in my earlier post, those accts that had only her name were not changed until 09 so she will be receiving some 1099-int for 2009.Comment
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Her tax year ended when she died, and you cannot file a tax return for a deceased person for the year following death. It doesn't matter what SSN is on the interest for 2009; it is estate interest and goes through the estate. That is true for any interest received after the date of death. If the 2008 INT forms include any such interest, it is pro-rated and the interest (or dividends) received after the date of death is removed on her Sche B using the nominee interest facility in your software.Comment
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agree with Burke
You will file a 1040 with just the income received before her death. It takes a little work to divide up the income. You will need the statements from the banks, etc. You would have to do nominee interest to take the income off the 1040.
Then the rest of the income would be reportable on 1041, if necessary.
Might not be too bad if she only had a few accounts.
LindaComment
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