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Are Form 5495 Estimated: What You Should Know

The return should be completed as it would have been in the decedent#x2019;s presence or, for tax years beginning before November 25, 1987, the PR should identify the decedent#x2019;s tax withholding obligations as if the decedent were still living. The PR should then conduct any required analysis needed to verify the reported income tax withholding, as outlined in section 1370(d) of the Internal Revenue Code. The PR should also gather and review the decedent#x2019;s federal and state tax refund schedules, as outlined in section 1201(b) of the Internal Revenue Code; the state estate tax return; and any tax payments required by state and local government programs. For tax year 2011, the IRS issued guidance addressing the decedent#x2019;s financial information collection and reporting for the deceased PR. The PR should review the deceased PR#x2019;s state and local tax returns to identify any additional state and local tax withholding, as well as any tax payments that must be made. Finally, the PR must complete and file a federal tax return. Because no federal tax obligation exists for estates and trusts of decedents who died after November 25, 1997, the decedent#x2019;s return must be filed by September 30, 1998, or the PR could be personally liable for paying tax on the unearned income accumulated during the decedent#x2019;s lifetime. If applicable, the PR should also complete and file a Social Security death benefit return, as outlined in subsection 6013(a). If applicable, the PR should also complete and file a Form 8854(a), Statement of Estate Tax. For more information on the federal and state tax obligations of a decedent's personal representative, see Section 6.2.1 of the Florida Bar's publication, The Florida Bar Handbook, p. 735. Next Steps. As detailed in this article and in the Florida Bar's publication, The Florida Bar Handbook, Chapter 6, Tax Preparation, the decedent#x2019;s estate must complete the estate planning documents described in Section 3.1–5–1.1 of this article. A copy of the decedent's federal income tax returns are available through the National Archives and Records Administration (NARA), Room 14E21-A, Washington, D.C.

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