topic Re: how do I report dividends paid on husband's investment after his passing in Get your taxes done using TurboTax

how do I report dividends paid on husband's investment after his passing

AdnerbG — Wed, 20 Nov 2024 18:22:59 GMT

My husband passed away October 28, 2024. He had 1 investment account in his revocable trust using his SS#, which is now an irrevocable trust and I am the beneficiary of the account per the trust. His remaining assets are IRAs and will pass to me as the beneficiary. The investment account has earned a little over $80 since he passed. Do I have to get a TIN and file form 1041? Or can the income since his passing and up to being transferred to my name and SS# later this week, be reported under his SS# on the 1099 and be reported on our married filing joint tax return.

Re: how do I report dividends paid on husband's investment after his passing

M-MTax — Wed, 20 Nov 2024 18:34:00 GMT

Trusts get an exemption of either $100 or $300 depending on if they must distribute all income currently or not.

Even if the trust gets the lower exemption of $100 the income of around $80 is still less than that so the trust would owe no tax...........it would be a waste of time to file a 1041. You're better off reporting it on your own return instead.

Very sorry for your loss.

Re: how do I report dividends paid on husband's investment after his passing

AdnerbG — Wed, 20 Nov 2024 18:43:53 GMT

So the dividends can be reported on his 1099Div and included in the income on our joint return?

Thank you.

Re: how do I report dividends paid on husband's investment after his passing

M-MTax — Wed, 20 Nov 2024 18:50:39 GMT

Yes that's the simplest way to deal with the roughly $80 worth of income.