DO I NEED TO BRING MY PARENT'S INDIVIDUAL 1040 TAXES UP TO DATE?

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YES


Commonly, aging parents miss their individual 1040 income tax filings in their last years. This causes delay in estate settling as the executor or personal representative of the estate will have to bring the tax filings current to ensure no taxes are owed.


Taxes are always the first lien holder of an estate and must be paid first. Beneficiaries are responsible for a decedent's back taxes to the extent, or to the amount of, the value they inherited and received from the estate.


We find commonly with clients, that they don't have the tax documents necessary to file individual 1040 income taxes for their parents. We can help here. As licensed tax preparers, with your consent we can get access to your IRS tax transcripts to see wage and income reported to the IRS for your tax payer ID or your social security number for each tax year. This way we can work with you to gather the necessary information to file your taxes when you are missing information.