I am co-executor of an Estate account that has been open since 2020. We finally received the tax refund for the decedent. We can now close out the Estate account. The account has generated over $600 in income since it was opened. Do I need to file Estate Income Taxes for each year it was open, or just one final tax return for this final year?
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It goes year by year so there is no need to file unless the estate had income of $600 or more in any one tax year.
File it as final if the estate is closed.
It goes year by year so there is no need to file unless the estate had income of $600 or more in any one tax year.
Thank you so much for your help!
There was only 1 year the account earned over $600, so I will just do the Estate Income Tax for that year. If the Account is in Missouri, do I also need to file a State return for the income earned?
Thanks again!
Sincerely,
Karen
Thanks so much again.
Since I have to file for the one year...does that mean I will also need to file a "final" Estate Income Tax return as well?
File it as final if the estate is closed.
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