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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 11603
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Do I need to file a 1041 brother who died 1/14/2015?

Customer Question

Do I need to file a 1041 for my brother who died 1/14/2015? He had total assets of $384,271.10 in two bank accounts, one IRA and the sale of his motor coach. His only income for 2015 was bank interest income of $46.29 and $1,602.00 of Social Security payments. The money has been disbursed to his two heirs, my sister and myself. I am named the personal representative of his estate.
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.
Hi...There's no need to do an estate's income tax return (1041) unless there is gross income of $600 or more....Was the social security received for moths prior to the date of death?...
Customer: replied 1 year ago.
It was received for January 2015, the month he died.
Expert:  Lane replied 1 year ago.
The no, that would have been recorded on his last return (1040)....But because the income doesn't meet the combined income test for Social Security taxation, there's no tax or need to file a final 1040....And the 46.29 is under the 600 standard deduction for the 104, so no need to file a 1041 either....I hope this has helped....Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit That’s the only way JustAnswer will credit us for the work here....Thank you!Lane……I hold a JD (Juris Doctorate, the law degree), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986.