As an executor of an estate what do i need to file to close it out

[cherimorgan6218]

refer to incident #xxxxxxxxx

i received 1099b as executor of moms estate.

where do i report this?

did not receive k-1

[Carl]

As the executor you "may" need to file the final personal tax return of the deceased. You may also need to have transferred all of the deceased person's assets into the estate and then file a completely separate estate return to show the estate's creation, distribution of assets to heirs, and finally the dissolution of the estate once all taxes due are paid by the estate and all assets have been distributed.

To file an estate return you need to purchase, download and install TurboTax Business (different from Home & Business). That program can NOT be used to file any form of 1040 tax return. It can only be used to file a tax return for a non-breathing non-living entity such as a partnership, S-Corp, C-Corp, ESTATE, Trusts, and a few other things.  

TurboTax Business is not available as an online product, or for MACs. It's for the Windows platform only. You can purchase it at https://turbotax.intuit.com/small-business-taxes/

If you're not familiar with doing an estate return it is highly advised to seek the services of a Tax Attorney or CPA in your local jurisdiction. Doing things wrong can come back to bite you *personally* as the designated administrator of the estate, and the fines, penalties, back taxes and late fees can make the cost of a CPA seem like a pittance in comparison.

[jamestwilliams]

Thank you for the help, however can you tell me if parent died before filing the previous years taxes, am I required to file something for that tax year or can I wait to file once the estate is established?

[RobertB4444]

If someone passes and hasn't filed the tax return for the final year or part-year that they were alive (or previous years) then the IRS requires that the executor of the estate file those tax returns.  There is no need to wait for the estate to be established in order to file those returns.

Keep in mind, however, that if your deceased parent dies without a spouse and has a refund the return probably has to be mailed in with a copy of the documents appointing an executor.  And you will likely receive a check for the estate.  

@jamestwilliams