Administrator needs to open a bank account for the estate to hold small amount of probate funds (10k max). This will obviously produce less interest income than $600 per year, which is what's necessary to file a 1041.
Can we forego the tax ID# route and just have the proceeds taxable to the administrator? The estate needs to write like 3 checks and then the account would be needless. We just dont want to get a tax ID# if we don't need to.Thank you all for the answers. While I know its easy to get a Tax ID# online, won't the IRS be looking for a 1041 next April 2011 if I do so? Even though the income would be below the filing threshhold, wouldnt I have to file a final 1041 to close out the estate with the IRS?