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Investors & landlords
Since the unclaimed funds were deposited to a bank account under the estate's tax id number, you may need to file Form 1041 for the year (using TurboTax Business). The cutoff is $600 - any amount over that requires an estate tax return.
A separate estate return would also avoid issues if the state sends Form 1099 for the payment. Each heir receives Schedule K-1 from the estate return that should match the funds that were paid to them.
If the funds were deposited into an account under your name and/or tax id number, then you could follow my previous instructions. Pardon any confusion.
Read more here: IRS File an estate tax income tax return
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‎January 26, 2025
10:39 AM