Your Personal Accountants: Ask The Accountant: "Carolee1945 said...
I am doing my parents taxes. My dad died in 2009. We have a survivor trust and a bypass trust. My dad had many small investments. Right now, I have 1099's that have the trust name with my mom's social, I have 1099's that have both my parents names with my dads social, I have 1099s with only my dad's name and his social. I understand about the bypass trust which has its own tin,and doing the K-1. What I do not know is this: do I do a 1040 return for my mom, a 1040 for my dad, and then a 1041 for the bypass trust?"
Saturday, February 19, 2011
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2 comments:
Hi Carolee, the best way to file a tax return for your parents with your mother filing as a qualified widower and disclose all the income from all 1099's with her and your father's social security numbers. Once you are done preparing the 1041 return, you need to also disclose the Sch K-1 on your parents return.
I hope this answers your questions.
Please let us know if you need us to file the tax returns for you.
Good luck,
Web Tax Office Team
Hi, I started a mainly online business selling handmade jewelry and did better than I expected. This is currently my only source of income and I have had no outside employer for this full tax year. I am registered within my state (IN), and already gave them their sales tax for my few in-state sales. But now what do I need to do for Federal taxes? Thanks!
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