Hi, I'm new to the whole estate tax world and just wanted some clarity/confirmation on any returns I must file (if needed)
My father passed away intestate in Sept. 2021 in NY. So I (a NJ resident) became the administrator to his estate. He did not have any taxable income or assets. He only had SS benefits (totaling no more than 10k). No property or anything worth any value other than leaving behind a simple bank account worth roughly 3k. So I did not file a final personal return for him (he has not filed for years before his death).
His account of 3k has not been touched as of this date. But I have discovered he has some unclaimed funds from the state of NY (stocks in a company totaling roughly 5-6k) which are still pending review. So in the meantime I had to open up an estate bank account for him specifically for the unclaimed funds.
When I applied for the EIN recently, the SS-4 form states that a Form 1041 is past due and I need to file for it right away (even if there are no liabilities).
1) Do I really need to do anything regarding this 1041? Since there has been no transfer of monies or income anywhere to date, there really is nothing to report on it.
2) I assume it isn't until I receive the unclaimed funds later this year that I will then have to file the final estate income tax return.
3) And once I liquidate his estate bank account which will probably be around 8-9k, is that taxable on my end? All monies will be going back to me for reimbursement of his funeral expenses.
Many thanks in advance.
