Tax Breaks for Charitable Giving: Maximize Your Impact and Your Savings
Category: Business
Losing a loved one is painful, and dealing with their financial affairs afterwards can add an extra layer of stress. Often, people leave a tax refund or debt behind when they pass. This article will explore how to handle your loved one’s final tax return, including how to claim a deceased taxpayer’s refund. For some survivors, this includes filing IRS Form 1310.
Form 1310 is uitlized to claim a tax refund that is owed to a deceased individual. However, it is important to note that only some survivors are required to file this form. In general, a surviving spouse who is filing either an original or an amended joint return with the deceased can claim the refund without filing Form 1310, as can the deceased’s court-appointed or certified personal representative. These individuals are the ones responsible for filing the deceased person’s final tax return and, if applicable, an estate tax return.
A person who intends to claim a refund for a deceased taxpayer and is neither a surviving spouse filing a joint return nor a certified or court-appointed personal representative must attach Form 1310 to their loved one’s final tax return. Often, this is a surviving relative, such as a child, who is entitled to inherit the deceased person’s property. Additionally, a surviving spouse would need to file the form if they file a separate tax return from their spouse for the year of their death. If the spouse remarries the same year, they will not be allowed to file a joint return with their deceased spouse for that year.
The final tax return must include notice that the taxpayer has died. If filing a paper return, you can do this by simply writing the deceased person’s name, the word “deceased,” and the date of death across the top of the return. Electronic filing software typically includes instructions for this scenario. The death certificate should not be submitted with the return, but the person who files the final tax return should keep the certificate or other proof of death in their records in case the IRS requests it.
When a person files a joint return with their spouse and passes away before cashing their refund check, the surviving spouse may be left with a check that’s made out to both parties. In this case, the surviving spouse can use Form 1310 to have the check reissued in their name alone. If this describes your situation, fill out Form 1310, write “VOID” across the original check, attach it to the form, and send both of these, along with a written request that the check be reissued in your name only, to the IRS address where you mailed your return. The IRS will mail you a new check in your name.
If tax is owed on a joint return, the surviving spouse is responsible for paying it. Otherwise, tax debt generally passes to the estate and is paid to the government before other beneficiaries receive their shares of the estate. In some cases, even a surviving spouse who filed a joint return may escape liability for taxes owed on that return:
The tax experts at Rosenberg Chesnov Advisors, a Stable Rock Company, are here to help. Whether you’re an existing client or new to our practice, we can take some of the pressure off by ensuring your loved one’s financial affairs are concluded properly. You can learn more about our financial services for individuals, or find more tax tips on our blog.
Category: Business
Category: Business
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Jeff Coyle, CPA, Partner of Rosenberg Chesnov, has been with the firm since 2015. He joined the firm after 20 years of business and accounting experience where he learned the value of accurate reporting, using financial information as a basis for good business decisions and the importance of accounting for management.
He is a diligent financial professional, able to manage the details and turn them into relevant business leading information. He has a strong financial background in construction, technology, consulting services and risk management. He also knows what it takes to create organizations having built teams, grown companies and designed processes for financial analysis and reporting.
His business experience includes:
Creating and preparing financial reporting, budgeting and forecasting.
Planning and preparation of GAAP and other basis financial statements.
Providing insight on financial results and providing advice based on those results.
Jeff also has a long history of helping individuals manage their taxes and plan their finances including:
Income tax planning and strategy.
Filing quarterly and annual taxes.
Audit support.
General financial and planning advice.
Prior to joining the firm in 2015, Jeff was in the private sector where he held senior financial and management positions including Controller and Chief Financial Officer. He has experience across industries, including construction, technology and professional services which gives him a deep understanding of business.
Jeff graduated from Montclair State University, he is a CPA and member of the American Institute of Certified Public Accountants, New York State Society of Certified Public Accountants and New Jersey State Society of Public Accountants.
Jody H. Chesnov, CPA, Managing Partner of Rosenberg Chesnov, has been with the firm since 2004. After a career of public accounting and general management, Jody knows the value of good financials. Clarity, decision making, and strategy all start with the facts – Jody has been revealing the facts and turning them into good business results for more than three decades.
He takes a pragmatic approach to accounting, finance and business. His work has supported many companies on their path to growth, including helping them find investors, manage scaling and overcome hurdles. His experience and passion for business reach beyond accounting and he helps businesses focus on what the numbers mean organizationally, operationally and financially.
He has a particular expertise in early-stage growth companies. His strengths lie in cutting through the noise to come up with useful, out of the box, solutions that support clients in building their businesses and realizing their larger visions.
Prior to joining the firm in 2004, Jody was in the private sector where he held senior financial and management positions including General Manager, Chief Financial Officer and Controller. He has experience across industries, which gives him a deep understanding of business.
Jody graduated with a BBA in Accounting from Baruch College, he is a CPA and member of the American Institute of Certified Public Accountants and New York State Society of Certified Public Accountants.
In addition to delivering above and beyond accounting results, Jody is a member of the NYSCPA’s Emerging Tech Entrepreneurial Committee (ETEC), Private Equity and Venture Capital Committee and Family Office Committee.
He is an angel investor through the Westchester Angels, and has served as an advisor for many startup companies and as a mentor through the Founders Institute.