Close out the estate though no federal form 706 required

[TAXNJ]

Scenario:

- Executor got EIN # from IRS
- Small estate less than $6000 (including life insurance)
- Funeral expenses, etc. left nothing in the estate (though Executor paid any remaining expenses)
Executor wants to close out the EIN # from IRS though no Federal Form 706 required

Any suggestions?

Thanks in advance

[Burke]

Well, the life insurance would not be part of the estate unless it was paid to the estate as a named beneficiary. If it went to other parties named in the policy, it is disregarded. A Form 1041 is required if gross income exceeded $600 for the estate year. However, if there were deductible losses (i.e, sale of house, etc) you might want to do such a return anyway to pass those through. Otherwise, nothing is necessary.