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life insurance to pay estate taxes

life insurance to pay estate taxes

Death and taxes ... How do I separate inheritance of my estate?

My mother died several months ago and tax season is imminent. My brother and I received 6k everything benificiary his disability, he had life insurance which car was paid on the car with another 1k to pay from the time she was disabled, we also obtained the pension value 12k. We are waiting on the 401k, life insurance collective 42k, 8k of what happens at the funeral home, and life insurance 36K individual who will through his sister to us. My question is, how do I know what I need to file my own taxes and taxes on my late mother. All the money o_O was switching hands between us and get paid for this or that, and trying to get all this paperwork done. What is taxable? What not? Are we really stupid? Do I really really going to hire a professional dang? : P Thanks

For your mother will report final 1040 all income his date of death. After his death, if no then no approval is required Form 1041. For your taxes, you will receive forms in January 1099 shows what is taxable. Use them to do your taxes or take it to a professional if you are lost.