Discussion:IRD on a JTWROS Account
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| Revision as of 18:52, 25 March 2009 Kevinh5 (Talk | contribs) ((unless a 706 is) ← Previous diff |
Current revision Jake (Talk | contribs) (No 706 but do ha) |
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| {{ForumReplyPost|UserID=Kevinh5|Date=25 March 2009|Text=(unless a 706 is involved)}} | {{ForumReplyPost|UserID=Kevinh5|Date=25 March 2009|Text=(unless a 706 is involved)}} | ||
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| + | {{ForumReplyPost|UserID=Jake|Date=25 March 2009|Text=No 706 but do have Ohio Estate Tax - knew that I had to calculate "accrued interest" to date of death for estate tax purposes (federal and state) but I was uncertain as to whether I had to use the accrual method for account interest for the 1041. | ||
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| + | What about a stock dividend where the record date was prior to DOD but the actual dividend was not received into the joint account until after death? I assume the answer would be the same - it is on the daughter's 1040, not IRD, and therefore not on the 1041. Again - I know that if the person is alive on the record date then that dividend is on the estate tax return. Actually I don't know if it is the ex-div date or the record date but in this case does not matter as the person was still alive on either date. [I got a report from Evaluation Services with all that info.] | ||
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Current revision
Discussion Forum Index --> Advanced Tax Questions --> IRD on a JTWROS Account
Discussion Forum Index --> Tax Questions --> IRD on a JTWROS Account
| 25 March 2009 | |
| Mom had several JTWROS accounts with daughter - money was mom's. All earnings while mom was alive is on mom's 1040.
Death was 6-15-08 Interest of 100.00 posts 6-30-08 Is that 100.00 all on daughter's 1040 as when it was received the account was hers? Or do you prorate - $50 becomes IRD on estate 1041, $50 on daughter's 1040. | |
| 25 March 2009 | |
| all surviving joint owner from date after date of death
$100 - daughter's | |
| 25 March 2009 | |
| No 706 but do have Ohio Estate Tax - knew that I had to calculate "accrued interest" to date of death for estate tax purposes (federal and state) but I was uncertain as to whether I had to use the accrual method for account interest for the 1041.
What about a stock dividend where the record date was prior to DOD but the actual dividend was not received into the joint account until after death? I assume the answer would be the same - it is on the daughter's 1040, not IRD, and therefore not on the 1041. Again - I know that if the person is alive on the record date then that dividend is on the estate tax return. Actually I don't know if it is the ex-div date or the record date but in this case does not matter as the person was still alive on either date. [I got a report from Evaluation Services with all that info.] | |
