Income Tax Returns vs. Estate Tax Returns

In the United States, we have two types of taxes as they relate to death --Form 706, often referred to as an estate tax return, and Form 1041, an income tax return for estates and trusts. These two forms serve different purposes and both, one, or neither may need to be filed when someone passes away. Andrea M. Thermos, CPA, Estate & Trust Partner, discusses the difference between the two.