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jgordosea
jgordosea, Enrolled Agent
Category: Tax
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Experience:  I've prepared all types of taxes since 1987.
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I had my fathers estate return (1041) done with a CPA and

Resolved Question:

I had my father's estate return (1041) done with a CPA and filed as final return. Since then I have received a check made to the estate of my father from a credit union in the amount of 4300 (approx.) with about 8.00 in interest earned.

I have a couple of questions:

1. Do I do another 1041 for next tax year since this was received by the estate in a different tax year? If so can an estate be reopened after closed?

2. Does the 4300 of principal from the account count towards the $600 minimum to have to file another return?

3. Lastly if I do not have to file a return, how would I show the $8 interest distributed to me and on my 1040?
Submitted: 1 year ago.
Category: Tax
Expert:  jgordosea replied 1 year ago.

Greetings,

 

It is not unusual for an entity to list a return as final and then file another tax return; so if another return is needed it would simply be filed (and again marked as final).

 

If the 4300 is the amount that was deposited, you said principal, and is just a return from a taxable account (not an IRA or Roth IRA) then none of that return is income that counts toward the $600 filing requirement.

 

If you do not file another return for the estate and you are the sole beneficiary then you will include the $8 interest on your individual return along with your other interest earned during the year when you file.

 

Please ask if you want more discussion or need clarification.

Thank you.

 

 

 

 

Customer: replied 1 year ago.

yes the 4300 was in basically a savings type account that earned interest and it earned approx. 8.00 for this year before the check was written to the estate

Expert:  jgordosea replied 1 year ago.

Hello again,

 

It seems as though there is not a filing requirement for the estate since there is not a need to file if gross income is less than $600.

 

If you got the $8 of interest than that amount is to be reported on your return.

 

Please ask again if you want more discussion or need clarification.

Thank you.

jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3093
Experience: I've prepared all types of taxes since 1987.
jgordosea and 2 other Tax Specialists are ready to help you
Customer: replied 1 year ago.


thank you. in this scenario just to make sure I am correct, a 1041 is not required due to the income for the estate to be less than 600. Therefore no K-1 is completed. I just show on my personal return 1040 8 of interest income.


 


thank you for your help and have a great day.

Expert:  jgordosea replied 1 year ago.

You are quite welcome.

 

Yes, there is not a 1041 required due to the income for the estate to be less than 600. Therefore no K-1 is completed.

Yes show on the personal return 1040 8 of interest income that was received.

 

If you need help in the future you can include my name in the question.

Thank you for using our service.

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jgordosea
jgordosea
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I've prepared all types of taxes since 1987.