A decedents estate was set up by the attorney and the taxpayer died in 2019. Does the interest earned on those CD's be included in the taxpayers return (Married filing joint) or is a separate return filed by the Decedents Estate (has a separate Federal ID #)….1099-Int was issued using the federal ID number of the estate......Thanks,,,Duane Anderson
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The bank should have issued 2 1099-Int. For the period prior to his death the interest income goes on the 1040. After death the interest income goes on 1041.
But if the bank will not segregate and the 1099-Int with the Trust ID # shows the full year, you can put that on the 1041. If this is the final year the expenses and income will flow to the beneficiaries.Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR -
I would be careful with such advise not knowing the amounts involved.Comment
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Have you referenced The Tax Book 21-8 “income in year of death” & “Income in Respect of Decedent (IRD”, etc.Originally posted by Duane Anderson View Post
It should provide information addressing your scenario. Also, Gretel's reply post is important to note.
Last edited by TAXNJ; 02-06-2020, 10:15 AM.Always cite your source for support to defend your opinionComment
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