do i need an estate tax return

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  • Do you have to file taxes on an estate?

  • A deceased person estate is a separate legal entity for federal income tax purposes. If you檙e the executor of someone estate, you may need to file an income tax return for the estate, as well as a final personal income tax return for the deceased person. Income tax vs. estate tax.

  • Do I need a tax ID number for an estate?

  • IRS Form 1041, U.S. Income Tax Return for Estates and Trusts, is required if the estate generates more than $600 in annual gross income. The decedent and their estate are separate taxable entities. Before filing Form 1041, you will need to obtain a tax ID number for the estate.

  • What is an estate income tax return?

  • The estate income tax return is filed under the name and tax ID number, or EIN, of the estate. This number will not be the same as the deceased person’s Social Security number, since the deceased and his or her estate are separate legal entities for tax purposes.

  • Which TurboTax do I need to file a return for an estate?

  • Which TurboTax do I need to file a return for an estate? Do you need to file an income tax return for an estate (Form 1041) or an estate tax return (Form 706)? TurboTax supports the 1041, but not the 706. We’ll explain the difference below, but if you’re still not sure which return you need to file, refer to IRS Tax Topic 356 .

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