Found money in deceased taxpayer's name - what for...
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Returning Member

Found money in deceased taxpayer's name - what forms are required?

My sister passed ten years ago and her estate was settled and all tax forms filed, buttoned up, etc.  This past year (2019) we discovered some money in an old 401k in her name.  I was successful in getting administration rights for her estate and did get the money distributed to her newly setup estate account.  This money was then distributed to her non-spousal heirs.

 

I'm trying to understand what tax forms are required for this.  I assume a federal 1041 on the estate is required again? I would like to try to handle this myself to save money, I think Turbotax business can do this and it will generate the necessary forms for her heirs as well?  And will it also handle the state filing?

 

Hope this is not too complicated a question.  Thanks in advance.

 

3 Replies
Level 5

Found money in deceased taxpayer's name - what forms are required?

if the estate received it you report on 1041 with k1s....turbotax business will work for the fed 1041 but it doesn't handle all states.

Returning Member

Found money in deceased taxpayer's name - what forms are required?

Thank you.  For filing my personal fed/state returns, can I use TurboTax business as well or do I need to purchase a different version for that?

Returning Member

Found money in deceased taxpayer's name - what forms are required?

Never mind, I found the answer in a separate thread, I see they are different and that I would need both.

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