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Amend final 1040 for decedent

Technical topics regarding tax preparation.
#1
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3
Joined:
20-Feb-2015 12:14pm
Location:
Ypsilanti, Michigan
I prepared a 2018 1040 for taxpayer who died on 10/22/2018. I included all of the information reported on the 2108 1099DIV and 1099 INT on the 2018 return. Now the taxpayer's lawyer wants me to do a fiscal year 1041 for the taxpayer's estate (FYI, taxpayer is my mother). I've prepared other 1041 returns for trusts and they were done on a calendar year basis.

Since I included income (dividends and interest) that were received after the date of death, must I amend the 2018 tax return. Or, is it OK to prepare the 1041 on a calendar year basis as I previously intended to do?

Can I make a note on the proper schedule that some information was previously reported on the 2018 1040.

Thank you for your clarification.
 

#2
HowardS  
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1291
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21-Apr-2014 3:12pm
Location:
Southern Pines, NC
Kathy, the income earned post-death should be reported on the estate 1041, not the decedent's 1040. Fiscal year 1041's are probably more common than calendar year 1041's for estates and perhaps the attorney has a reason...timing, complexity, beneficiaries, etc...the legal and admin fees may wipe out the 2018 income resulting in less overall tax.

I would amend and go fiscal, the caveat being I don't have all the details.
I suffer from depreciation.
 

#3
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3
Joined:
20-Feb-2015 12:14pm
Location:
Ypsilanti, Michigan
Thank you Howards. Do I need to request corrected 1099s for 2018 or can I just report the correct amounts?
 

#4
sjrcpa  
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1917
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23-Apr-2014 5:27pm
Location:
Maryland
Just report the correct amounts. Payor issued the 1099s based on the info they had. i.e they were not timely informed of the death.
 

#5
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519
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21-Apr-2014 11:29am
Location:
California
Agree with sjrcpa but I would report the total amounts listed on the 1099's and reduce (correct) what needs to be adjusted as "nominee" interest/dividends etc.
 


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