"George" <gbeccles[at]gmail.com> wrote in message
news:r8cjq3he59ihuu63hajsje0akmmqa8qjem[at]4ax.com...
- quote -

After date of death -> estate income. On final return: NO.

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1) The IRA may have a designated beneficiary. If so, that person reports
the amount and the IRA custodian should have reported this to the
beneficiary.

2) Check for any past forms 8606 filed. There may be a post-tax basis in
the IRA that affects the income taxable amount. Additionally, if any
post-tax basis exceeds what is recovered from the IRA in a TOTAL
distribution, there may be a deduction for the unrecovered amount that needs
to go on the final 1040.

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My mother died last June, and I'm executor for her estate. Total value
of the estate is ~$400K, consisting of a house (willed to my brother)
and various interest-bearing accounts (distributed equally, per the
will.) Nothing is contested.

Q1: It took about 3 months from her death before I got her accounts
closed and the money transferred to the estate account. The 1099's for
these accounts show all earnings as being in my mother's name. (The
total amount comes to ~$10K.) Can I just include these 1099 amounts in
her final return? Or does the portion earned after her death need to be
treated as 'estate income'?

Q2: Aside from possible interest income (per above), the only other
estate income is a $7K IRA distribution. Altogether, this seems like it
should be simple enough that I could do the 1041 myself (using, say TC
Business). Any comments on this? Mostly, is it a matter of (carefully)
getting numbers in the right boxes, or are there critical decisions to
be made, that only someone familiar with the IRC would know?

TIA,
George

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >