March 2nd, 2010 | 
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AngelSea asked:
I am the executor of my mother’s estate which consists of 3 bank accounts in my three nieces names, all three accounts earned interest less than $600 combined. Is it necessary for me to file 1041? and how do they claim the little interest they received since the accounts are in a tax id number, not their social security numbers(two are minors). thanks
the interest received from the bank, is in the estate name AND also in my nieces names as beneficiaries, with EIN numbers I had to obtain for them by the IRS. so they don’t have to claim this interest on their 1040? (one niece doesn’t work she is a minor, the other minor has a parttime job, and the non-minor is a college student)
Audry Fulton
I am the executor of my mother’s estate which consists of 3 bank accounts in my three nieces names, all three accounts earned interest less than $600 combined. Is it necessary for me to file 1041? and how do they claim the little interest they received since the accounts are in a tax id number, not their social security numbers(two are minors). thanks
the interest received from the bank, is in the estate name AND also in my nieces names as beneficiaries, with EIN numbers I had to obtain for them by the IRS. so they don’t have to claim this interest on their 1040? (one niece doesn’t work she is a minor, the other minor has a parttime job, and the non-minor is a college student)
Audry Fulton
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For the total for the total for the total for the 1099ints is less than 600 you do not file unless your nieces are nonresident beneficiaries or there is less than 600 you do not file unless your nieces are nonresident beneficiaries or there is money to get back from withholding.
For the 1099ints is money to get back from withholding.
For the total for the 1099ints is less than 600 you do not file unless your nieces are nonresident beneficiaries or there is less than 600 you do not file unless your nieces are nonresident beneficiaries or there is less than 600 you do not file unless your nieces are.
As long as the total gross income (including any non-taxable income) of the estate is under $600, the estate is not required to file a return. The beneficiaries are not required to report the income if it is in the EIN number of the estate, only if it is in their SSNs.