Survivors, Executors, and Administrators
Introduction
This . is designed to help those in charge (personal representatives) of the property (estate) of an individual who has died (decedent). It shows them how to complete and file federal income tax returns and explains their responsibility to pay any taxes due on behalf of the decedent. A comprehensive example of the decedent's final tax return, Form 1040, and estate's income tax return, Form 1041, are included in this ..
The . also explains how much money or property a taxpayer can give away during their lifetime or leave to their heirs at their death before any tax will be owed. A discussion of Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, and Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, is included.
Also included in this . are the following items:
•A checklist of the forms you may need and their due dates.
•A worksheet to reconcile amounts reported in the decedent's name on information returns including Forms W-2, 1099-INT, 1099-DIV, etc. The worksheet will help you correctly determine the income to report on the decedent's final return and on the return for either the estate or a beneficiary.
Table of Contents
•Personal Representative
oDuties
oFees Received by Personal Representatives
•Final Income Tax Return for Decedent—Form 1040
oName, Address, and Signature
oWhen and Where To File
oFiling Requirements
oIncome To Include
oExemptions and Deductions
oCredits, Other Taxes, and Payments
oTax Forgiveness for Armed Forces Members, Victims of Terrorism, and Astronauts
oFiling Reminders
•Other Tax Information
oTax Benefits for Survivors
oIncome in Respect of a Decedent
oDeductions in Respect of a Decedent
oEstate Tax Deduction
oGifts, Insurance, and Inheritances
oOther Items of Income
•Income Tax Return of an Estate— Form 1041
oFiling Requirements
oIncome To Include
oExemption and Deductions
oCredits, Tax, and Payments
oName, Address, and Signature
oWhen and Where To File
•Distributions to Beneficiaries
oIncome That Must Be Distributed Currently
oOther Amounts Distributed
oDischarge of a Legal Obligation
oCharacter of Distributions
oHow and When To Report
oBequest
oTermination of Estate
•Estate and Gift Taxes
oApplicable Credit Amount
oGift Tax
oEstate Tax
oGeneration-Skipping Transfer Tax
•Comprehensive Example
oFinal Return for Decedent—Form 1040
oIncome Tax Return of an Estate—Form 1041
•How To Get Tax Help
oThe Taxpayer Advocate Service Is Here To Help You
oLow Income Taxpayer Clinics
Introduction
This . is designed to help those in charge (personal representatives) of the property (estate) of an individual who has died (decedent). It shows them how to complete and file federal income tax returns and explains their responsibility to pay any taxes due on behalf of the decedent. A comprehensive example of the decedent's final tax return, Form 1040, and estate's income tax return, Form 1041, are included in this ..
The . also explains how much money or property a taxpayer can give away during their lifetime or leave to their heirs at their death before any tax will be owed. A discussion of Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, and Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, is included.
Also included in this . are the following items:
•A checklist of the forms you may need and their due dates.
•A worksheet to reconcile amounts reported in the decedent's name on information returns including Forms W-2, 1099-INT, 1099-DIV, etc. The worksheet will help you correctly determine the income to report on the decedent's final return and on the return for either the estate or a beneficiary.
Table of Contents
•Personal Representative
oDuties
oFees Received by Personal Representatives
•Final Income Tax Return for Decedent—Form 1040
oName, Address, and Signature
oWhen and Where To File
oFiling Requirements
oIncome To Include
oExemptions and Deductions
oCredits, Other Taxes, and Payments
oTax Forgiveness for Armed Forces Members, Victims of Terrorism, and Astronauts
oFiling Reminders
•Other Tax Information
oTax Benefits for Survivors
oIncome in Respect of a Decedent
oDeductions in Respect of a Decedent
oEstate Tax Deduction
oGifts, Insurance, and Inheritances
oOther Items of Income
•Income Tax Return of an Estate— Form 1041
oFiling Requirements
oIncome To Include
oExemption and Deductions
oCredits, Tax, and Payments
oName, Address, and Signature
oWhen and Where To File
•Distributions to Beneficiaries
oIncome That Must Be Distributed Currently
oOther Amounts Distributed
oDischarge of a Legal Obligation
oCharacter of Distributions
oHow and When To Report
oBequest
oTermination of Estate
•Estate and Gift Taxes
oApplicable Credit Amount
oGift Tax
oEstate Tax
oGeneration-Skipping Transfer Tax
•Comprehensive Example
oFinal Return for Decedent—Form 1040
oIncome Tax Return of an Estate—Form 1041
•How To Get Tax Help
oThe Taxpayer Advocate Service Is Here To Help You
oLow Income Taxpayer Clinics
