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11 cze 2023 · If you are the executor of an estate subject to Virginia inheritance tax, it is your responsibility to file the necessary tax return and pay any taxes owed. The deadline for filing is nine months from the date of the decedent’s death.
If the departed family member earned taxable income during the year in which they died, then federal taxes may be owed. An executor or a survivor must, therefore, file a final federal income tax return (Form 1040). 1
The federal estate tax in Virginia has a maximum tax rate of 40% and is due nine months from the decedent’s date of death. A Virginia Attorney Could Help You Understand Estate Tax Returns. Generally, Virginia does not require an estate tax return unless there is a federal estate tax return due.
A tax return should be filed in any case if there will be a refund based on prior tax withholding or estimated tax payments. The personal representative and a surviving spouse may generally file a joint return for the decedent and the surviving spouse.
For some estates, there may be an obligation to file a federal estate tax return (IRS Form 706) if the decedent’s gross estate (including taxable gifts made during the decedent’s lifetime) exceeds a threshold amount. For 2020, that threshold amount is $11,580,000.
Income Taxes. The Internal Revenue Service generally gives you until April 15 of the year following the taxpayer’s death to file a final 1040 form. If the deceased was married, a surviving spouse has the option to file a final joint federal tax return for the last year in which the deceased lived. 4
