01-23-2006, 05:54 AM
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 Re: IRD "tobe" <ybotkaSPM[at]cinci.rr.com> wrote: - quote - > A person dies in 2003. Through an oversight, a portion of
How does one notify the IRS of this transfer of interest?> the decedent's interest-bearing assets is not transferred > to the name and Tax ID number of the Estate until January, > 2004. The decedent's final tax return was filed in April > 2004. Appropriate division of interest accrued before and > after death (included on the 1099-INT in the decedent's > name), was done with respect to the decedent's final tax > return and the estate income tax return by noting on the > decedent's return, Schedule B, "Nominee Distribution" of > the amount accrued after death, and including that amount > on the estate's income tax return (per instructions in > IRS Publication 17), > Now, in 2006, a 1099-INT form is received, still in the name > of the decedent, for the small amount of interest > (<$200)accrued in January 2005. Since the decedent's final > tax return has been filed, one can no longer use the > "Nominee Distribution" method of notifying the IRS about the > correct reassignment of this interest to the estate. Include it on the 1041. No other notice is required, but it might be nice to update the payor's information. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
01-22-2006, 11:32 AM
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| IRD A person dies in 2003. Through an oversight, a portion of the decedent's interest-bearing assets is not transferred to the name and Tax ID number of the Estate until January, 2004. The decedent's final tax return was filed in April 2004. Appropriate division of interest accrued before and after death (included on the 1099-INT in the decedent's name), was done with respect to the decedent's final tax return and the estate income tax return by noting on the decedent's return, Schedule B, "Nominee Distribution" of the amount accrued after death, and including that amount on the estate's income tax return (per instructions in IRS Publication 17), Now, in 2006, a 1099-INT form is received, still in the name of the decedent, for the small amount of interest (<$200)accrued in January 2005. Since the decedent's final tax return has been filed, one can no longer use the "Nominee Distribution" method of notifying the IRS about the correct reassignment of this interest to the estate. How does one notify the IRS of this transfer of interest? Would a note attached to the estate income tax return suffice? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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