Ask Experts Questions for FREE Help !
Ask
    jcortez65's Avatar
    jcortez65 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 9, 2014, 03:30 PM
    Father passed away, do I prepare tax return for him next year?
    Father passed at 90, only had social security, SSI maybe 700 a month, but a few months before passing got what's called a Non service pension, with back pay of about 10k, so I'm the only heir and he wanted me to gift money to grandkids, but I'm not sure what to do unless I know for certain that I can give money to my child. If he never filed a return in years, does he still have to? I always thought that social security benefits weren't taxable, and if I was only beneficiary, do I have to report that as income in my return since its in my possesiion now?
    ma0641's Avatar
    ma0641 Posts: 15,675, Reputation: 1012
    Uber Member
    		  
    #2

    Jul 9, 2014, 07:39 PM
    SS benefits MAY be taxable depending on your AGI. You report it on his return for 2014. If you Google "filing taxes for a deceased person", you will find IRS docs. to walk you through. Taxes are paid and the rest comes to you tax free.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Jul 10, 2014, 01:20 AM
    The size of the estate is so small that there are NO estate taxes.

    If the Social Security back pay is large enough and is received AFTER your father's death, you may need to report it on a fiduciary return, which is essentially an income tax return filed by the estate.

    Get professional help for the fiduciary return.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Where can I find my last year's tax return? [ 2 Answers ]

I can't find my return for last year, but I need to enter the amounts in my return for this year. Is there a place that I can find the information?

$10 silver cert, red writing, gave to my father before he passed what year? Any worth [ 1 Answers ]

[email protected]

What year do I report a fiscal year k-1 on 1040 tax return? [ 1 Answers ]

Have a K-1 from partnership with fiscal year ending in 2009.The k-1 is from a 2008 partnership reurn.Do I report the K-1 on individuals 2008 or 2009 return?

Us tax return L1 first year choice [ 6 Answers ]

I came to US on L1 VISA on July 10 2009 along with my wife and kid. It is becoming 175 days by Dec 31 2009. With this my case is failing the substantial presence test. And went into non-resident alien. It is shy of 8 days to 183 days. Can I choose the first year choice and file the tax returns....

2005 tax year return [ 1 Answers ]

It is possible to fill an amended return for 2005 tax years notice some mistakes in filling status. Thanks

View more questions Search