My Aunt passed away mid 2024. Her only income was her Social Security and a small RMD from her IRA. Her IRA listed a cousin as the sole beneficiary and it was successfully transferred to her as an inherited IRA. She owned no property, I was named in her will as executor. She had a checking and savings account at the time of death. As the executor I filed a Voluntary Administration (simplified probate) in NYS and acquired a EIN. My question is what, if anything do I need to file and by when? If I interpret the references below correctly I believe:I do not need to file a 1041 as she had been below the income threshold for years and had not filed a 1040 for at least 5 years.I do not need to file a 706 as the remaining balance of her savings+checking after final expenses falls below the threshold of $13,610,000 for 2024 Thanks in advance for confirming or correcting my understanding... References: this Q&A https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-product-orders/turbotax-need-file-return-estate/L4rUhWm2H_US_en_USand this IRS page https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax of

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Small Estate - filing requirements if any

Forum|Forum|1 year ago
January 20, 2025
1 reply
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My Aunt passed away mid 2024. Her only income was her Social Security and a small RMD from her IRA. Her IRA listed a cousin as the sole beneficiary and it was successfully transferred to her as an inherited IRA.

She owned no property, I was named in her will as executor. She had a checking and savings account at the time of death.

As the executor I filed a Voluntary Administration (simplified probate) in NYS and acquired a EIN.

My question is what, if anything do I need to file and by when?

If I interpret the references below correctly I believe:

I do not need to file a 1041 as she had been below the income threshold for years and had not filed a 1040 for at least 5 years.
I do not need to file a 706 as the remaining balance of her savings+checking after final expenses falls below the threshold of $13,610,000 for 2024

Thanks in advance for confirming or correcting my understanding...

References: this Q&A https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-product-orders/turbotax-need-file-return-estate/L4rUhWm2H_US_en_US

and this IRS page https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax of

Best answer by AmyC

No, you don't need to file an estate return. An estate would distribute any taxable income and that does not seem to be your case. Cancelling the driver's license, letting credit bureaus know and all the other stuff is plenty. No estate return on top.

My condolences on your loss.

AmyCAnswer

Employee

My condolences on your loss.

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winterescapeAuthor

thanks, I appreciate your guidance, so my conclusions regarding my requirement as executor are correct? Neither tax form would be required based on the information provided?