Section 3Question 5 ?of 10. ?$650 ?Jaco earned in 2023 ?before his account was closed....

80.2K

Verified Solution

Question

Accounting

Section 3
Question 5 ?of 10. ?$650 ?Jaco earned in 2023 ?before his account was closed. The form has Jaco's SSN because Ellen never obtained an EIN. Which of the following statements is correct?
Ellen will need to amend the return filed for 2022 ?and report the additional income earned in 2023.
Ellen could ignore the Form 1099-INT since Jaco's SSN will have been reported to the IRS and they know he is deceased.
Ellen should file a Form 1040 ?for 2023 ?listing the interest received as his final return.
Ellen must obtain an EIN and file Form 1041 ?for Jaco's estate reporting the interest income.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students