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Trying to figure out what happens with a 1041 estate return…

Trying to figure out...

Trying to figure out what happens with a 1041 estate return when one of the beneficiaries dies.

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

A client passed away leaving rental property to be split 50% to wife, 25% to each of his 2 daughters. Approx 60 days later, the wife passed away. Do I then change the name of the beneficiary to the Estate of the wife and change ID #. That seems weird

Accountant's Assistant: Is there anything else important you think the Accountant should know?

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Customer reply replied 4 months ago
The beneficiary of the wife are the two daughters.
Answered in 9 minutes by:
3/16/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,120
Experience: Taxes, Immigration, Labor Relations
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The the beneficiary dies AFTER - the estate of that beneficiary will takes place of that beneficiary.

So - in your situation - wife's estate will be the beneficiary.

Your have correct understanding - you will use wife's estate as a 50% beneficiary of husband's estate

and will file separate 1041 form for the wife's estate.

However - they will transfer the title directly to daughters unless they will decide differently.

Let me know if any clarification needed.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,120
Experience: Taxes, Immigration, Labor Relations
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Customer reply replied 4 months ago
The return I file 12/31/17 for the decedent will list the wife as the beneficiary (she was still alive at that time) but then next year's return will list the estate of the wife... Is there a form to submit to the IRS when I change the beneficiary on husband's 1041 ?

There is no specific form for income tax purposes.

That may be not happening too often - but the IRS system will determine that beneficiary changed to the estate.

That will not create any issued with your filing.

However K1 will be issued to another estate.

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Customer reply replied 4 months ago
Thank you so much. Got it!

I appreciate your rating.

If you do not mind ?

I see an old conversation without rating

I appreciate if you go back and leave a rating - so I will be credited?

https://professional.justanswer.com/chat/index/0a86386ddc68490d9d8180f23a6856ce

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Customer reply replied 4 months ago
I would love to, but cannot connect to the link...
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Customer reply replied 4 months ago
That link worked fine. Wow. I forgot all about the question. Thanks again.FYI When I went into my tax program (CCH) and completed beneficiary information there is a box to check beneficiary’s final return but not the Estate’s final return. So next year I will be fine to file with Estate name now.Nancy

That will be OK if there will be nothing to pass to beneficiaries.

But if the estate has any deductible expenses - you will still issues K1s to beneficiaries to pass these deductions.

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Customer reply replied 4 months ago
Oh yea . I will only final the wife who died and next year put her estate in. I guess it is my way of putting IRS on notice about her death...thanks. Have a good week-end
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