Thala T. Rolnick, CPA, PLLC Quality Tax Planning, Preparation and Assistance
Frequently Asked Questions
Q: What returns are required when a person passes away
A: Like most tax law, the answer is, it depends - upon the the taxpayer's assets and income. The taxpayer must file a final tax return if their income is above the required filing requirement. A return is NOT required to be filed to let the IRS know that the taxpayer has passed away, the social security administration notifies the IRS.
Any income earned after the taxpayer passes away until up to one year after they pass away is reported on an estate return. A return is required if the gross income is over $600. If a beneficiary is a non-resident alien then a return is required regardless of the gross income.
If the taxpayer's gross assets were $11,400,000or more in 2019, then an estate return is required. This is a snap shot of all the assets and liabilities of the decedent at their passing.
If you are not sure of the required filing requirements, please contact me and I can help you sort things out.