sabkosl13
Level 4
2 weeks ago

 

  1. Estate is the beneficiary of the insurance proceeds. It is below the limit so it should be nontaxable. Estate does not have any liability. Total amounts will be distributed to the beneficiaries. Do I need to report it in 1041? If yes, how?
  2.  Additionally in NJ life insurance that is paid to the decedent’s estate and then distributed as an estate asset to non-Class A beneficiaries is subject to the NJ inheritance tax. What form the Estate must use to distribute the proceed to the beneficiary if 2 of them are Class A (nontaxable), one non-Class A?
0 Cheers
Reply