2007 taxes for someone who has passed away

[karen23]

I was appointed an executor of an estate recently. DOD was Nov 2007. Atty/Acct is out of town for 10 days and I wanted to get started on the taxes.
Looking through the documents, I have found some
1099s that were received in January 2008 for the entire 2007 year. I know I now must get corrected 1099s to include only the time of 1-01-2007 through 11-12-07. Do I also ask for a 1099 for the remaining portion of the year at this time or wait until the form 706 must be prepared and get one 1099 for the 2007/2008 ? There will be some dividends and Interest sent to the estate account for some months in early 2008. Stock, etc have not been sold yet. Thanks Karen

[winnie]

Contact info at SSA

Anybody have contact info at SSA for parent who has not received SS card/number for newborn child?
(Child born 12/31!)

[winnie]

response on deceased TP

Sorry - I put a new question as response to your question.

I do not prepare estate tax returns. For deceased individuals, I have had to issue 1099s to the estate for dividends/interest.

So the brokerage or bank is sending my deceased taxpayer the 1099 for entire year. I, then, send a 1099 to the estate for the portion of the income earned after the taxpayer passed. I have only done that for investment type income, but don't see why it would be any different for 1099 MISC,

[Burke]

I I know I now must get corrected 1099s to include only the time of 1-01-2007 through 11-12-07.

The bank or financial institution will not give you corrected 1099's if the account was in the deceased's name all year. They are issued to the owner of record and SSN or EIN that is on file at the institution for the period of time that the account existed. You must account for this on the final 1040 using the date of death and, if you wish, as another poster said, issue a 1099 to the Estate for the period after death. I account for these by listing the total interest so it matches in the IRS computer, and then deducting the part that goes to the Estate on the same form as nominee interest. As the Estate may use a fiscal year, this happens all the time, since financial institutions issue the 1099 on a calendar year basis for everyone. It is up to the executor to allocate these properly on the tax returns. The income tax return the Estate files is Form 1041, not 706. That is for very large estates, over $2M and it is a wealth tax, not an income tax.