Estate Tax

Posted by glass on February 6, 2009, 4:54 pm

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Its unfortunate Intuit doesn't have a Turbotax newsgroup...anyway, I hope
someone can give me a little insight:

My mother-in-law died in 2007 with a very small estate so we filed a 2007,
1040 final decedent return.
However, a dividend payer made a payment to the deceased person in January
2008 with the SSN of the deceased.

Thus, in 2009, we received a 1099-DIV, with the deceased persons SSN which
has to be dealt with.
Anyone know how to handle this???

IRS says to obtain a estate EIN, file a 1041 with a K-1 identifying the
beneficiary, then the beneficiary will add the K-1 income to his return for
2008. Sounds easy but a 1041 is a nightmare and the long term impact of this
process is unknown and may have some impact on the closed probate. Any
thoughts on this also will be appreciated???
--

Posted by Stevey on February 6, 2009, 6:20 pm

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If it was less than $ 600 I think you can forget about it.

>Its unfortunate Intuit doesn't have a Turbotax newsgroup...anyway, I hope

>someone can give me a little insight:

>My mother-in-law died in 2007 with a very small estate so we filed a 2007,

>1040 final decedent return.

>However, a dividend payer made a payment to the deceased person in January

>2008 with the SSN of the deceased.

>Thus, in 2009, we received a 1099-DIV, with the deceased persons SSN which

>has to be dealt with.

>Anyone know how to handle this???

>IRS says to obtain a estate EIN, file a 1041 with a K-1 identifying the

>beneficiary, then the beneficiary will add the K-1 income to his return for

>2008. Sounds easy but a 1041 is a nightmare and the long term impact of this

>process is unknown and may have some impact on the closed probate. Any

>thoughts on this also will be appreciated???

Posted by glass on February 6, 2009, 7:23 pm

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Unfortunately it more than $600, its ~$2000
--

> If it was less than $ 600 I think you can forget about it.

>>Its unfortunate Intuit doesn't have a Turbotax newsgroup...anyway, I hope

>>someone can give me a little insight:

>>My mother-in-law died in 2007 with a very small estate so we filed a 2007,

>>1040 final decedent return.

>>However, a dividend payer made a payment to the deceased person in January

>>2008 with the SSN of the deceased.

>>Thus, in 2009, we received a 1099-DIV, with the deceased persons SSN which

>>has to be dealt with.

>>Anyone know how to handle this???

>>IRS says to obtain a estate EIN, file a 1041 with a K-1 identifying the

>>beneficiary, then the beneficiary will add the K-1 income to his return

>>for

>>2008. Sounds easy but a 1041 is a nightmare and the long term impact of

>>this

>>process is unknown and may have some impact on the closed probate. Any

>>thoughts on this also will be appreciated???

Posted by Andrew on February 6, 2009, 7:00 pm

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glass wrote:

> Its unfortunate Intuit doesn't have a Turbotax newsgroup...anyway, I

> hope someone can give me a little insight:

> My mother-in-law died in 2007 with a very small estate so we filed a

> 2007, 1040 final decedent return.

> However, a dividend payer made a payment to the deceased person in

> January 2008 with the SSN of the deceased.

> Thus, in 2009, we received a 1099-DIV, with the deceased persons SSN

> which has to be dealt with.

> Anyone know how to handle this???

> IRS says to obtain a estate EIN, file a 1041 with a K-1 identifying

> the beneficiary, then the beneficiary will add the K-1 income to his

> return for 2008. Sounds easy but a 1041 is a nightmare and the long

> term impact of this process is unknown and may have some impact on

> the closed probate. Any thoughts on this also will be appreciated???

Seems to me this isn't a Turbotax question. I didn't see that word in the
meat of your message.
You might consider taking this to a tax NG; I'd suggest
misc.taxes.moderated.

--
-------------------------------------------------------------
Regards -

- Andrew

Posted by glass on February 6, 2009, 7:38 pm

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> glass wrote:

>> Its unfortunate Intuit doesn't have a Turbotax newsgroup...anyway, I

>> hope someone can give me a little insight:

>> My mother-in-law died in 2007 with a very small estate so we filed a

>> 2007, 1040 final decedent return.

>> However, a dividend payer made a payment to the deceased person in

>> January 2008 with the SSN of the deceased.

>> Thus, in 2009, we received a 1099-DIV, with the deceased persons SSN

>> which has to be dealt with.

>> Anyone know how to handle this???

>> IRS says to obtain a estate EIN, file a 1041 with a K-1 identifying

>> the beneficiary, then the beneficiary will add the K-1 income to his

>> return for 2008. Sounds easy but a 1041 is a nightmare and the long

>> term impact of this process is unknown and may have some impact on

>> the closed probate. Any thoughts on this also will be appreciated???

> Seems to me this isn't a Turbotax question. I didn't see that word in the

> meat of your message.

> You might consider taking this to a tax NG; I'd suggest

> misc.taxes.moderated.

> --

> -------------------------------------------------------------

> Regards -

> - Andrew

True, however, the tax newsgroups are missing experienced
participants but thanks for the misc.taxes.moderated
possibility. I will check it out.