Guest JulieT Posted October 29, 2001 Posted October 29, 2001 My 84 year old father passed away in May 2001. I was named his independent exucutor in his will and will be filing his final tax return. My father left behind a traditional IRA naming me as the beneficiary and a money market account JTWROS--naming me as the survivor of that account. He had no other sources of income except for Social Security which ended upon his death. Do I need to file a 1041 or will a final tax return suffix? (I cannot see where his estate had a gross income of $600 or more.) Does an IRA generate income to an estate? I just simply do not understand what an estate is in this context regarding the IRS and form 1041. Please help!!! Julie:confused:
BPickerCPA Posted October 29, 2001 Posted October 29, 2001 The IRA is taxed to the named beneficiary, not the estate. If the estate has NO income then there is no need to file a tax return. Barry Picker, CPA/PFS, CFP New York, NY www.BPickerCPA.com
Guest JulieT Posted October 30, 2001 Posted October 30, 2001 Barry, Did you mean to say "if the estate has NO income there is no need for me to file a 1041 tax return? Did you leave out the word "no" as a typo? Julie
BPickerCPA Posted October 30, 2001 Posted October 30, 2001 Corrected. Sorry. Barry Picker, CPA/PFS, CFP New York, NY www.BPickerCPA.com
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