why did i have to get a federal tax # when i put my fathers 130,000. estate in probate?
will it cost me ? what is it for is it a good thing?when i put his last SSI ck in the estate account the lawyer said i needed after being bonded, so now i got a fed tax # explain please
Public Comments
- I see you posted under Australia. My answer is for the US so please excuse and just ignore it if you really are in Australia. It won't cost anything to get. It is the number that will be used to file the estate tax return, and will be used in place of a ss# if you have a bank account for the estate.
- If I actually knew what you were talking about I may be able to answer better. Howevr, here goes. To the Date of Death, your Father would have had a Tax File Number. The income from SS is Taxable Income but rebates reduce the actual tax payable to nil. The last SS cheque is not taxable to your Father, even in the DOD return. In fact, it is income of the estate and Income to which no person is presently entitled. You may need to lodge an Estate Return and that will have a separate TFN. Why? Because they are two separate entities. The Income derived by the Estate, before finalisation of the administration would be taxed and tax paid by the Estate. Once administration has been completed the Estate may still earn income but it would be ditributable to the benificiaries and taxed in their hands even though the Estate may not yet be distributed. See an accountant, if you want a complete explanation.
