IRS Publication 559: Survivors, Executors And Administrators

AAA

DEFINITION of 'IRS Publication 559: Survivors, Executors And Administrators'

A document published by the Internal Revenue Service (IRS) that provides guidance to persons responsible for the estate of a deceased individual. IRS Publication 559 outlines the necessary steps to completing a tax return for the deceased, how any remaining tax obligations are to be paid for, and the general duties of the personal representative of the estate. The document also lists the necessary forms that must be filled out and their corresponding deadlines.

INVESTOPEDIA EXPLAINS 'IRS Publication 559: Survivors, Executors And Administrators'

Survivors, including widows and widowers, estates and beneficiaries may be responsible for the tax liabilities of the deceased, but they also receive tax benefits. Qualifying widows and widowers who file a joint return the year of the death may qualify for a special tax rate for up to two years. If the deceased was due income, that income may be treated as Income in Respect of a Decedent (IRD).

RELATED TERMS
  1. IRS Publication 570: Tax Guide ...

    A document published by the Internal Revenue Service (IRS) that ...
  2. Decedent

    A person who is no longer living. Just as a taxpayer's possessions ...
  3. Final Return For Decedent

    The final tax return filed for an individual in the year of that ...
  4. Estate Tax

    A tax levied on an heir's inherited portion of an estate if the ...
  5. Transfer

    A change in ownership of an asset, or a movement of funds and/or ...
  6. Death Benefit

    The amount on a life insurance policy or pension that is payable ...
Related Articles
  1. Top 7 Estate Planning Mistakes
    Retirement

    Top 7 Estate Planning Mistakes

  2. Tax-Efficient Wealth Transfer
    Taxes

    Tax-Efficient Wealth Transfer

  3. 6 Estate Planning Must-Haves
    Retirement

    6 Estate Planning Must-Haves

  4. How To Choose The Right Executor For ...
    Retirement

    How To Choose The Right Executor For ...

comments powered by Disqus
Hot Definitions
  1. Elasticity

    A measure of a variable's sensitivity to a change in another variable. In economics, elasticity refers the degree to which ...
  2. Tangible Common Equity - TCE

    A measure of a company's capital, which is used to evaluate a financial institution's ability to deal with potential losses. ...
  3. Yield To Maturity (YTM)

    The rate of return anticipated on a bond if held until the maturity date. YTM is considered a long-term bond yield expressed ...
  4. Net Present Value Of Growth Opportunities - NPVGO

    A calculation of the net present value of all future cash flows involved with an additional acquisition, or potential acquisition. ...
  5. Gresham's Law

    A monetary principle stating that "bad money drives out good." In currency valuation, Gresham's Law states that if a new ...
  6. Limit-On-Open Order - LOO

    A type of limit order to buy or sell shares at the market open if the market price meets the limit condition. This type of ...
Trading Center