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Reporting pension and social security income on both Forms…

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Reporting pension and social...

Reporting pension and social security income on both Forms 1040 and 1041?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

As Executor for wy wife I enter her social security income on the Form 1040 I enter her social security income and calculate taxes due. The 1041 form also asks for the same income information. Do I get taxed twice for the same income?

Submitted: 1 month ago.Category: Tax
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Answered in 1 minute by:
12/31/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,530
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name's Lane

...

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice to clients on three continents since 1986.

If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

I'm sorry for your loss.

...

Income received before the date of death is reported on the final 1040 (You can still do a joint return here).

...

Income received after the date of death is reported on the form 1041.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

It's also important to note that you can distribute the income vie the 1041's form k-1 to yourself, and any other beneficiaries, (taking the distribution deduction on schedule B of the form 1041), so that you pay tax on the income at the much lower personal rates.

...

Estates and trusts reach the highest tax bracket 39.6 for 2017 at income of a little over 12,000 ... where individuals and joint filers don't hit that highest tax bracket until income is over $400,000.

...

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit"– That’s the only way I’ll be credited for the work.

...

But please let me know f you need more here,

Lane

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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
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