Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: dweiss3 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123148  
Subject: Filing Taxes For Parents Trust Date: 1/8/2002 2:14 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
I need some help figuring this out. The situation:

Elderly parents - dad passed away 12/18/01, mom has alzheimers and is in nursing home. Most of their assets are under their revocable living trust. I have Power of Attorney for both and am successor trustee for the trust. They filed taxes as "married filing jointly" in the past under dad's SSN. Bank accounts, mutual funds, social security payments, and pension were reported (1099's) under dad's social security #. In addition each had an IRA account under their own SSN and took RMD. Also dad had a varible annuity with him as owner and mom as beneficiary. I have already submitted POA's and have access to all accounts.

For tax year 2001 I believe I can file under dad's SSN and note that he is deceased. But what happens in 2002? Annuity is now reregistered with mom as owner in her SSN. Pension will continue survivor annuity under mom's SSN. Dad's IRA now reregisterd under mom's SSN. Bank accounts and mutual funds continue under trust registration and dad's SSN. Should I also reregister the bank accounts and mutual funds under mom's SSN and file a single tax payer return for mom for 2002? Or do I have to file two separate returns? One for the trust under dad's SSN and one for mom?

I tried to call the IRS help line on this but gave up after 45 minutes on hold.

Any advice will be greatly appreciated.

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Saul's Investing Discussions

Skyworks Mid-Quarter Review
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.