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Hi everyone,
I’m really struggling understanding Estates and Trusts. First, what is the difference between the Estate Tax Return and Estate Income Tax Return. How do I know what I’m reporting in each one? For example, if there is income from a decedent, why is it included in the Estate Tax Return rather than the Estate Income Tax Return or the Decedent’s Final Income Tax Return?
Also, how do I know which items will flow to the Decedent’s Final Income Tax Return rather than the Estate Income Tax Return or Estate Tax Return?
I think I’m failing to see the big picture here. I’m very confused on how all the items flow to each return. Help would be greatly appreciated!!!
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