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December 1, 2024
Question

TAX RETURNS TO FILE FOR RECENTLY DECEASED PERSON FOR 2024 TAX YEAR

  • December 1, 2024
  • 3 replies
  • 0 views

As I mentioned in previous posts my father died in September of 2024 and has a Trust. In the future I will meet with a CPA but to my knowledge in 2025 for Tax Year 2024 as far as Federal tax a final 1040 needs to be filed for my father and a 1041 for his Trust. Am I correct? Is there any other type of tax return or form that needs to be filed? I live in Florida and so did my father so we have no state income tax. Hallelujah! 😀

    3 replies

    Employee
    December 1, 2024

    You are correct. 

    Employee
    December 1, 2024

    The final 1040 reports income up until the date he died.  The trust will file a return for after, however:

     

    If the trust has already been in existence and files with a calendar year = a tax year, then yes, the trust needs to file a 2024 return by April 15, 2025.   However, if the trust came into existence with your father's death, and does not have an established tax year, you may be able to choose a different tax year, which would change the deadlines.  I can't tell you the advantages or disadvantages of doing that, you would need to ask your CPA.

     

    To file his personal 1040, you need to be appointed the executor or representative of his estate, this may require a trip to the probate court in your county.  To get any refund deposited in your name (rather than the estate), you file an extra form with his 1040 (form 1310).

    https://www.irs.gov/newsroom/filing-a-final-federal-tax-return-for-someone-who-has-died

     

    To file the trust return you need to be authorized (hopefully you are the trustee already).  If not, you may need to see an attorney or the probate court again. 

    Employee
    December 1, 2024
    No text available
    trust812Author
    December 22, 2024

    A few weeks I asked this question and @Anonymous_  answered my question and listed the various forms required but it looks like his answer to my question have been deleted. Is he or she no longer a member of this forum?  If that is the case do any of you know the answer to my question? Thanks!

    fanfare
    Employee
    December 24, 2024

    Often posters will subsequently remove their response because they find it was erroneous, or based on wrong assumptions or irrelevant.

    @trust812