Taxpayers and personal representatives sometimes need to prepare 1041 returns for the estates of a decedent or for trusts created for estate planning purposes.
An estate or trust owes a federal tax return when it realizes $600 or more of income. (For example, if it sells stocks for $600 or more.)
A few taxpayers and personal representatives need to deal with federal estate 706 tax returns. (Roughly, someone files these returns when an estate plus the lifetime taxable gifts exceeds $12 million in 2022 and roughly $13 million in 2023.)
A surprising number of Washington state residents need to file a Washington state estate tax return on behalf of a family member who has passed away. (A Washington resident’s estate owes an estate tax return and possibly estate taxes if the gross estate exceeds $2.193 million.)
And more often than people realize, parents and grandparents ought to file federal gift tax returns, or 709 returns. (Tax laws require a gift tax return when someone gives more than $16,000 to another person in 2022 and more than $17,000 in 2023.)
If your family needs one of these returns filed, we’d be happy to help you file the return. Email or telephone to start the process.