IRS Publication 559 for Survivors, Executors, and Administrators: What You Need to Know

Losing a loved one is difficult enough as is, but administrative concerns make losses even more traumatic. Executors, in particular, find themselves mired in the confusion of estate planning and IRS drama while they try to process their grief. Thankfully, the IRS offers much-needed guidance in the form of Publication 559.

What Is Publication 559?

Intended for the personal representatives who are responsible for the estates of recently deceased individuals, Publication 559 outlines the process of filing federal income tax returns on behalf of decedents. The publication also explains responsibilities for paying any taxes that a particular decedent may owe.

What Information Does Publication 559 Include?

A thorough guide that spans dozens of pages, Publication 559 includes a variety of sections that address concerns relevant to personal representatives. Key topics include:

  • Final income tax returns
  • Tax benefits for survivors
  • Tax forgiveness
  • Estate and gift taxes
  • Estate tax deductions
  • Distributions to beneficiaries

While the details outlined in Publication 559 can be helpful, many personal representatives benefit most from examining the sample forms offered in this guide. These include illustrative examples of the decedent’s final tax return, as well as Forms 1040, 1040-SR, and 1041.

It may also be worthwhile to examine the included checklist outlining the specific types of forms that might be required, along with their respective due dates. Don’t forget to check out the provided worksheet for reconciling amounts reported on Forms W-2 or 1099-DIV in the decedent’s name.

If you’ve been named as a personal representative for a decedent but are struggling to understand the information highlighted in IRS Publication 559, don’t hesitate to seek clarification from the Highland Tax Group. Reach out today to learn how we can help you navigate tax concerns as you manage your estate administration responsibilities.