1099-C received after filing deceased final return, assets poured into irrevocable Trust after passing.

Forum|Forum|1 year ago
March 27, 2025
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Mom passed in 2023 with a Declaration of trust and a will to pour over into the trust. I Already filed the final return for 2023. Just received a 1099C (in Moms name) in Jan 2025 for the tax year 2024. All assets have been distributed or poured into the trust.

Do I need to file a 982 for the 1099-C?

Can I ignore the 1099-C and just file the 1041 for the trust?

How do I determine the tax year of the trust and when trust taxes are due?

Thank you very much everyone for any help!

MAK70

It depends- you may (probably) have to include the 1099-C as income for the trust. You can decide what you want the tax year of the trust to be- it is easiest to use a calendar year but there may be reasons you would use a different tax year. Estates or trusts must file Form 1041 by the fifteenth day of the fourth month after the close of the trust's or estate's tax year.

rswelterAuthor

Since the 1099-C was received after probate was closed and the estate itself has no assets, can I not claim insolvency with a 982? Any assets were already placed into the trust.

thanks,

RobertB4444

That's a legal question and you might want to consult an attorney if you are going to say the estate is insolvent because it moved all of its stuff into another name.

@rswelter

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