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Tax Law (Questions About Taxes)/IRA Distribution no beneficary

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Question
My father in law passed in 2011.  We have discovered an IRA with no beneficary noted.  My huband and sister in law are the executors and only heirs.  This was not part of the probate and the original probate has been closed in lue.  His estate account at the bank has been closed as well.  I have been told we can get a distribution via small estate affadavit.  My questions is the taxing of this.  The IRA company said they would tax my father in laws SSN for the distribution and then we would have to file a return.  How can we do this if he has been deceased for two years.

Answer
Hi Fawn,

My condolences on your loss.

The personal representative is responsible for filing any final individual income tax return(s) and the estate tax return of the decedent when due.

A personal representative of an estate is an executor (executrix), administrator (administratrix) or anyone who is in charge of the decedent's property.

The filing requirements that apply to individuals will determine if a final individual income tax return is required for the decedent. Refer to Publication 17 (can be found at www.irs.gov), Your Federal Income Tax, for additional information.

When filing the return, add the word "Deceased" after the decedent's name in the name and address section of the final individual income tax return. Also, please add the date of death across the top of the final individual income tax return.

The personal representative must sign the return as well.

Please take a moment to review the content on our website and learn about why we are a great option for your tax needs – since we are a team of Enrolled Agents with over 25 years of experience and we focus on the taxation of US taxpayers living abroad.
 
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If you have any questions not answered through our website, please let me know via email.

Randall

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Randall Brody, EA, MBA, CCP

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Tax Samaritan is a boutique firm specializing in the preparation of taxes and the resolution of tax problems for Americans living abroad, as well as the unique tax issues that apply to taxpayers that are gamblers, teachers, nurses and military.

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