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Believe it or not, your tax obligations don't die with you. Depending on your circumstances, your personal representative might have to file one or more tax returns. This video dives into preparing a final tax return, what happens when your spouse dies, and preparing an estate income tax return, or Form 1041, if your estate has taxable income.
If you'd like to know more about when you must (or should) file a tax return, click here: • Do I HAVE to file a ta...
To get an introduction to Estate K-1 Forms, click here: • K-1's (for Beginners!)
Additional Resources and Information:
IRS Form 1041: "U. S. Income Tax Return for Estates and Trusts": www.irs.gov/pub/irs-pdf/f1041...
Instructions for Form 1041: www.irs.gov/pub/irs-pdf/i1041...
IRS Form 706: "United States Estate (and Generation-skipping Transfer) Tax Return": www.irs.gov/pub/irs-pdf/f706.pdf
IRS Form 1310: "Statement of Person Claiming Refund Due a Deceased Taxpayer": www.irs.gov/pub/irs-pdf/f1310...
IRS Schedule K-1 For estates and trusts: www.irs.gov/pub/irs-pdf/f1041...
Investopedia: "Form 1041: U.S. Income Tax Return for Estates and Trusts": www.investopedia.com/tax-form...
Nolo: "Filing an Income Tax Return for an Estate" www.nolo.com/legal-encycloped...
The Tax Geek on The Site Formerly Known as Twitter: www.twitter.com@taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image/Video Sources:
Storyblocks.com
Pexels.com
Wikimedia commons
Several portraits of people depicted in this video were generated by thispersondoesnotexist.com (stability.ai). Any resemblance between these images and any persons, living or dead, is incidental and not intended. No other artificial intelligence was used to research, write, animate, voice, or edit this video
Intro Music: "Bluesy Vibes" - Doug Maxwell - KZfaq Creator Music
Outro Music: "Modern Attempt" - Track Tribe under license from KZfaq Creator Music
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.