My Aunt passed away mid 2024. Her only income was her Social Security and a small RMD from her IRA. Her IRA listed a cousin as the sole beneficiary and it was successfully transferred to her as an inherited IRA.
She owned no property, I was named in her will as executor. She had a checking and savings account at the time of death.
As the executor I filed a Voluntary Administration (simplified probate) in NYS and acquired a EIN.
My question is what, if anything do I need to file and by when?
If I interpret the references below correctly I believe:
- I do not need to file a 1041 as she had been below the income threshold for years and had not filed a 1040 for at least 5 years.
- I do not need to file a 706 as the remaining balance of her savings+checking after final expenses falls below the threshold of $13,610,000 for 2024
Thanks in advance for confirming or correcting my understanding...
References: this Q&A https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-product-orders/turbotax-need-file...
and this IRS page https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax of
