Discussion:1041 Filing Requirements
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Discussion Forum Index --> Basic Tax Questions --> 1041 Filing Requirements
Discussion Forum Index --> Tax Questions --> 1041 Filing Requirements
Mercurymedia (talk|edits) said: | 17 February 2009 |
| I am a professional usually preparing simple 1040's. My familiarity with 1041's is very slight. My simple question is if everything passes to the surviving spouse, is a 1041 necessary. I can't get a straight answer from the IRS or the pub materials. | |
| 18 February 2009 | |
| Was there a trust? Was there a formal probate administration? If the answer to both questions is no, then there is no reason for a 1041. | |
Mercurymedia (talk|edits) said: | 19 February 2009 |
| There is no trust or formal probate administration. The estate is approx. 1.5 mil. All items were jointly held or in OR accounts except for IRAs and life insurance, for which the wife is beneficiary.
Having passed in May '08, is all icome atrributable to the decedant on his final 1040?. If not, where would the income be reported. Thanks in advance for your help. | |
| 19 February 2009 | |
| Not sure what an OR account is. However, all income earned up to the date of death on JT accounts should be included on the final 1040. Any income earned after that date is reported on the surviving joint tenant's return. | |
Mercurymedia (talk|edits) said: | 19 February 2009 |
| Sorry. An OR account is payable to either one OR the other party.
So if I understand correctly, there is no need for a 1041 or 706. Thanks again. | |
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