Kea Posted July 8, 2012 Report Share Posted July 8, 2012 Client just found out her late father had a life insurance policy. He passed away in 2009. Final 1041 was filed in 2010. Is the EIN still assigned to that estate or does it get cancelled after the final 1041? Beneficiary of policy is the estate. Can the EIN still be used or do they need to apply for a new one? Quote Link to comment Share on other sites More sharing options...
OldJack Posted July 8, 2012 Report Share Posted July 8, 2012 I would probably not file a 1041 but if I did I would use the same EIN. It's not taxable income to the estate but it could be considered gross income. I would just distribute it to the beneficiaries of the estate unless it could cause an estate tax reporting. Quote Link to comment Share on other sites More sharing options...
Kea Posted July 8, 2012 Author Report Share Posted July 8, 2012 Thanks OldJack. I figured there was no 1041 requirement. However the insurance company is requesting an EIN. (This will require an amendment to the only 706 I've ever done. I was really hoping to never see that puppy again.) Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted July 9, 2012 Report Share Posted July 9, 2012 Any chance the policy met the requirements to be excluded from the estate? Quote Link to comment Share on other sites More sharing options...
Kea Posted July 9, 2012 Author Report Share Posted July 9, 2012 Don't know, yet. Client didn't even know policy existed. Insurance company not saying anythig until claim forms, death certificate and letter of test submitted. Quote Link to comment Share on other sites More sharing options...
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