Elections (454(a) and in General)

Technical topics regarding tax preparation.
#1
dw85745  
Posts:
26
Joined:
16-Apr-2021 6:44pm
Location:
Arizona
Pub 559, page 11, left column, about half way down allows the Executor to ELECT to include all interest (I-Bonds in this case)
up to DOD on the descendents final tax return. Treasury Direct will not issue two separate 1099's, one for descendent up to DOD, and a second for the payee. Hence the election where the payee receives the 1099 for the full amount, states he/she is making said election, deducts the interest due descendent from the payee return, and shows that interest on descendents final tax return.

While this seems to be the "standard" practice for this election, I have never found anything "OFFICIAL" in writing how one
is supposed to deal with elections -- (454(a) in this case, and the multitude of other elections one can make.

Anyonr have an authority or know where to go regarding a "How To Make Elections" which is officially spelled out?
 

#2
dw85745  
Posts:
26
Joined:
16-Apr-2021 6:44pm
Location:
Arizona
While the 454(a) election is missing from this list and well as other elections, the following link addresses a number of elections.

https://www.irs.gov/filing/where-to-fil ... -documents
 


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