User talk:Cody2826

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Hello, and welcome to TaxAlmanac! My name is Tim Doyle and I serve here in the role of TaxAlmanac Moderator. If you haven't done so already, you might want to review our Quick Start Guide to help you get oriented.

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Sec 645 - Trust/Estate


If you are able to help me clarify information on Sec 645, I would really appreciate it. I see you had discussion about this topic back in 2008.

I have a client that passed away recently, Feb 10, 2009. Would you suggest that I file Sec 645? I typically only select this for someone who dies later in the year. My understanding is that I might as well to see if the estate would be distributed within 2 years, so that none of the heirs have to pay tax through the K-1 for at least 2 years. If the estate does not get fully distributed, then the Irrevocable trust comes into play? Can you let me know that I am correct in assuming this. (this estate will not be going through probate, and all assets are trust).

If I elect Sec 645, I would then get a TIN for the "Estate of XXX" and then after 2 years then a separate TIN would be necessary for the "Irrevocable Trust of XXX" In either case, a Form 1041 is necessary. It is just whether or not the estate pays the tax on taxable income during the Sec 645 election timeframe vs. the heirs paying tax through a K-1. Correct?

If you would email me your thoughts, I would greatly appreciate it. OR if you would have a moment over the phone to discuss.

Thanks in advance,

Shauna Wortinger Swortinger 08:24, 9 May 2009 (CDT)

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