1099-INT for an Estate Account

[joolzwolf]

My mother passed away in May of 2020 but the estate wasn’t closed until June 1, 2021. I just received a 1099-INT in the name of the Estate for bank interest earned from January - May of 2021. As executor of her Will am I responsible for claiming this on my taxes? Thank you for your help.

[tagteam]

Was a final 1041 filed?

The income should be reported on the estate's income tax return if the estate received the income.

[joolzwolf]

No, a 1041 was not filed. Should I file it now for 2021 and include the interest on line 1? Can I use TurboTax to do so? My TurboTax because I’m the executor, right? As an aside, it wasn’t a “trust” so I don’t know if that matters.

[tagteam · Accepted solution]

Did you get an EIN for the estate? 

Which tax ID number is on the 1099-INT?

The estate would be required to file a 1041 if it had income of $600 or more during the tax year.

See https://www.irs.gov/instructions/i1041#en_US_2021_publink1000285942

TurboTax Business is the product you might use to prepare a 1041 for an estate. However, the product must be installed and run in a Windows environment; there is no online or Mac version.

See https://turbotax.intuit.com/small-business-taxes

[joolzwolf]

This may be a moot point because the interest income for 2021 is $549.70 which is under $600.00. Therefore it appears the 1041 is not necessary.