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Deductions & credits
If the income will be used to pay estate expenses and will not be passed through to beneficiaries, the estate will need to pay the income tax on this income (less deductions and exclusion). You'll want to make sure not to have too much tax withheld, otherwise the estate will have to remain open to receive the tax refund and distribute the refund to estate beneficiaries.
‎January 15, 2025
3:29 PM