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Does anybody know .....

Posted by on May. 16, 2017 at 12:35 AM
  • 8 Replies

How to go about figuring out and filing estate taxes? My mom got some money from the unclaimed funds web site from my grandfather and we are not sure how to proceed from here. The IRS web site is confusing.

Not sure if it matters but my grandfather died in 2010 and my mom got one check last year and 3 this year but was unable to deposit any into an estate account untill last week due to us not knowing she needed an EIN.

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by on May. 16, 2017 at 12:35 AM
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Replies (1-8):
drumomma
by Bronze Member on May. 19, 2017 at 11:52 AM

Sorry - no help here, but I will give you a bump.


KittyGram
by Becky on May. 19, 2017 at 3:16 PM

Not sure if this will help or confuse you even more....


http://www.calculator.net/estate-tax-calculator.html


Another site, thebalance.com, states, "If your death occurs during a year when the federal estate tax is in effect, then whether your estate will be liable for federal estate taxes will depend on the value of your gross estate, the amount of debt you owe at the time of your death, the total expenses that will be incurred while settling your estate, and any deductions that your estate can take......."  (see https://www.thebalance.com/how-to-calculate-your-estate-tax-liability-3505645).  

My instinct tells me, but I'm not a tax professional, that because it was repealed in 2010 (per the first site), that there's probably none owed.  Again, not a tax professional!!!

LadySaphira
by Lisa on May. 19, 2017 at 3:25 PM
1 mom liked this

Thanks! I tried looking stuff up but that shit can get confusing. Still can't figure out why you have to have an Employer Identification number when you aren't employing anyone LOL

IT isn't a huge amount each after it is split up between my mom, her brother, and my cousin (her mom passed so she gets the money). It totals about 18,500


Quoting KittyGram:

Not sure if this will help or confuse you even more....


http://www.calculator.net/estate-tax-calculator.html


Another site, thebalance.com, states, "If your death occurs during a year when the federal estate tax is in effect, then whether your estate will be liable for federal estate taxes will depend on the value of your gross estate, the amount of debt you owe at the time of your death, the total expenses that will be incurred while settling your estate, and any deductions that your estate can take......."  (see https://www.thebalance.com/how-to-calculate-your-estate-tax-liability-3505645).  

My instinct tells me, but I'm not a tax professional, that because it was repealed in 2010 (per the first site), that there's probably none owed.  Again, not a tax professional!!!


 Donations to our team can be made here: #mce_temp_url#

atlmom2
by Susie on May. 19, 2017 at 4:13 PM
1 mom liked this
H and R Block
KittyGram
by Becky on May. 19, 2017 at 5:56 PM


Quoting atlmom2: H and R Block

I was just going to suggest either H&R Block or Jackson Hewlett.  You beat me to it!




Kimmybabe
by Silver Member on May. 20, 2017 at 2:09 PM

I had not thought of H & R Block or Jackson but those may be a good place to call and see what they can do for you.

EIN stands for Employer Identification Number, which makes no sense except to the IRS.  It is also known as a Federal Tax Identification number.  Your local IRS office may be able to talk you through the process and guide you.  They may also be able to guide you to a senior citizen center that can assist you in this matter with volunteers.    

Every state handles probate issues differently.  The folks at your courthouse can’t give legal advice, but they may be able to explain the way it works to you.  Also the county law library or even the local public library may have self-help books on the subject that show you how to do it, if the probate is relatively small in amount.

It’s easier if the amount is small and your dad had a trust document that provided for how things were to be distributed.  

The state want to make sure that the estate paid all outstanding debts of the deceased before being distributed to the heirs.  Also, estate taxes, which are usually zero for most estates. 


LadySaphira
by Lisa on May. 20, 2017 at 9:02 PM

We already had the EIN part figured out. You cannot open an estate account without one here. My grandfather did not have a trust or will, I think even he forgot he had these things (some stock and very small insurance policies). My grandfather left no bills behind everything was paid in full at the time of his death, including his funeral.

Quoting Kimmybabe:

I had not thought of H & R Block or Jackson but those may be a good place to call and see what they can do for you.

EIN stands for Employer Identification Number, which makes no sense except to the IRS.  It is also known as a Federal Tax Identification number.  Your local IRS office may be able to talk you through the process and guide you.  They may also be able to guide you to a senior citizen center that can assist you in this matter with volunteers.    

Every state handles probate issues differently.  The folks at your courthouse can’t give legal advice, but they may be able to explain the way it works to you.  Also the county law library or even the local public library may have self-help books on the subject that show you how to do it, if the probate is relatively small in amount.

It’s easier if the amount is small and your dad had a trust document that provided for how things were to be distributed.  

The state want to make sure that the estate paid all outstanding debts of the deceased before being distributed to the heirs.  Also, estate taxes, which are usually zero for most estates. 


 Donations to our team can be made here: #mce_temp_url#

smokeyjo
by Jozie on May. 20, 2017 at 9:38 PM
I have an EIN but also know that you can use your SSN in place of it. I also know that when you have this many questions it is best to go to an account.
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