QUESTION
How do I file a return on the $12,500 and get it paid to the children?
Asked on Feb 04th, 2014 on Estate Planning - Louisiana
More details to this question:
My father estate was paid $62,500.00 on behalf of the Black Farmers Settlement and $12,500.00 was paid to the IRS.
9 ANSWERS
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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You need to seek the assistance of a CPA.
Answered on Feb 10th, 2014 at 10:33 AM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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The estate should file the return. You file an estate return, Form 1041. If you have no probate, and the estate otherwise would not need to do this, I would need to see the Form 1099 in order to prepare the return.
Answered on Feb 07th, 2014 at 10:43 PM
2 Awards
See an accountant. This is an accounting question and more facts are needed to determine how it will be treated.
Answered on Feb 07th, 2014 at 10:42 PM
Employment Law Attorney serving Dana Point, CA
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Mains Law Office
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The Estate would file the tax return seeking it returned to the estate if that is appropriate.
Answered on Feb 07th, 2014 at 10:41 PM
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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The court appointed representative of your father's estate must prepare and file a tax return. The refund will be paid to the estate and distributed in accord with the terms of your father's Will, or, if no Will, the according to the rules of descent and distribution.
Answered on Feb 07th, 2014 at 10:41 PM
First you need to determine whether the payment was for loss of income or personal injuries, as the latter is not taxable. You then need to determine what the tax rate is for his estate. If the taxes due from the estate are less than the amount withheld, then the estate would have to file for a tax refund.
Answered on Feb 07th, 2014 at 9:42 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Are you the personal representative? If so, you file a return on behalf of the estate (I suggest using an accountant) and see if the estate is entitled to any of the money. Then you distribute it. If you are not the personal representative, then talk with the personal representative and ask if a return will be filed.
Answered on Feb 07th, 2014 at 3:00 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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The return is to be filed by the estate which would be entitled to any refund, or liable for any additional taxes.
Answered on Feb 07th, 2014 at 2:56 PM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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File a return for your father, and ask for a refund.
Answered on Feb 07th, 2014 at 2:53 PM