Do you have a close family member who passed away recently? If yes then there are chances that you have to file an income tax return for them. When you file the tax return for a deceased person then the total income needs to be reported to the IRS that has been earned from the financial yera’s beginning to the death date of the person.
In order to provide all the information related to your deceased relative’s income you need to file the IRS Form 1041. This tax form needs to be filed before April 15 every year. This the deadline for other tax forms as well. The only exceptional case is when April 15 falls on a weekend or some public holiday. In some cases, the IRS also changes the date but you will get notified about it. If there is some additional income after the death of the person that it also needs to be reported while filling out the Form 1041.
Still not sure what is IRS Form 1041? The IRS Form 1041 is used to report the estate income tax to the IRS. In this tax form you have to report any income that has been earned by the estate after the date of death of the estate’s owner. In this you have to include income from every source like bank account, stocks, rent etc.
A fiduciary is someone who is responsible for handling the taxes of an estate after the death of the owner. One can become the fiduciary if he/she is related to the deceased person as:
An executor An administrator Personal representative Anyone in charge of the deceased family member’s property
A few people choose to deal with all of these things themselves. Then again, individuals who are not unreasonably much acquainted with all the expense terms and codes, decide to employ a tax professional. If you have a few inquiries, at that point no concerns! We are only a call away. You can call us on +1-844-860-1101 You can get in touch with us whenever you want as we work 24x7.