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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
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Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I man dies in February of 2012. His daughter wants the final

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I man dies in February of 2012. His daughter wants the final returns filled out for his irrevocable trust, his 2012 1040 and his estate return. Can it be filed now and with what forms?

Stephen E. Grizey :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Stephen E. Grizey :

Sure. The personal returns can be done now as his tax year ended on his DOD in February.


What do you do for forms?

Stephen E. Grizey :

Normally you would use the 2011 forms market over as 2012 & indicating the tax period.

Stephen G. and 2 other Tax Specialists are ready to help you

As far as the Irrevocable Trust is concerned, if all of the assets have been distributed, then you can prepare a final return for that using the final distribution as the end of the period. If there is a small amount left in the trust account to pay any winding up expenses, that's OK too & you don't need to hold off filing the final return for that; just estimate what the final expenses will be and include them (your fee ?) in the final return as if they have been paid.

As far as an income tax return for the estate, that will depend upon when the estate is settled; depending upon the amount of the assets in the decedent's own name, if any, the estate may be required to stay open for up to 1 year, by law.

You should check with the attorney handling the estate as to when the probate process, if any, will be completed. If there are income producing probate assets, the income from these assets would be what is reportable on a fiduciary return for the estate.

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