Final Return For Decedent
A tax return filed on a person’s behalf the year they die.
Yep...don’t think that just because a person passes away, they can get out of paying their taxes. When we take that journey to the big puppy-filled playground in the sky, the executor of our estate is responsible for filing one last tax return on our behalf. If we owe money, it’s the executor’s responsibility to make sure the IRS gets paid. If we’re owed money, the executor can file a special tax form (Form 1310, for the curious) to collect it.
As with anything involving taxes, there are nuances, rules, complexities, and special provisions that can apply to this process. Was the person making estimated tax payments? Is there a surviving spouse? Are there other financial elements of the situation that should be taken into account? Probably the last thing we want to think about when we lose a loved one is what to do about their income taxes… but taking care of our decedent’s final return in a timely manner can help us avoid bigger tax headaches down the road. Or possibly even in the hereafter.
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Finance a la shmoop.. what is a beneficiary? well in Latin, bene is
good so this is like a good place to catch fish...well close not [Old man fishing in the ocean]
really but being a beneficiary is good it means you get stuff like if you are
the beneficiary of weird uncle Al's will then you get his odd collection of hair
balls shaped like US presidents and thirty two thousand two hundred sixty [Uncle Al's will appears]
$9.32... in essence then you are the beneficiary of his will you are the one
set up to benefit by the death of someone who wanted to favor you with
their assets when they had you know passed on to the great beyond where hair [Uncle Al with white wings in heaven]
balls will fall....