Business Finance

Effect On Tax Payment Due To Death In Family And Solutions

It can be seen that if both the spouses are jointly filing the returns then in the case of death, the problems may occur. Death is natural and it may come sooner or later to anyone in the house but it creates a problem when the either of the spouses is liable to pay the taxes. In the case of death, the tax implications may affect the surviving spouse who will be filing the tax returns. So, in these entire cases, one can take the advice from Tax Tiger who helps the surviving beneficiaries to claim their refund.

Effect On Tax Payment Due

Effect of death on the family and its implications

If the qualifying taxpayer who is either of the spouses’ dies and the tax liability still exists then the surviving spouse needs to file the tax returns for the year of death. The person also has to report the earnings, investments, to pay the taxes of the dead spouse which are due and in some cases they may ask for the refund too.

Tax Tiger in this regard will help their client to understand the whole procedure and provides solutions which the death of either spouse may have on the filing of the taxes. Here are some of the points which can be explained and prove helpful for the taxpayers:-

  • Qualifying as a widower: – If the spouse has died in the recent year in which you were filing the taxes jointly and if you have not remarried for two years then you can qualify as the widower. The surviving spouse can get the exemptions and benefits if he/she has paid for the medical bills, maintenance of the child and have maintained home for more than a year and the personal exemption can also be asked for the spouse who is dead.
  • Tax Refund claim: – Sometimes, the deceased spouse has paid their taxes and is even entitled to get a refund during the year of death than in this case the surviving spouse can claim the refund. The spouse or the person appointed by the court can fill the Form 1310 which makes them eligible for a tax refund as it is a statement for claiming the tax refund.
  • Refund on Loss of a Child: – You can also ask for a refund on the loss of the dependent child who was there in your house in a particular year during the time period of death as the surviving beneficiary. Even the person can also claim a refund on taxes if the child was there with you for few hours or minutes but it is not possible in the case of a still born child.

There are even many other situations in which the spouse can get the benefits of tax refund but if sometimes it happens that the client is not able to understand any legal formalities then Tax Tiger is there to help them. The company provides valuable solutions to its clients and it saves their time and removes any kind of frustration and gives full-fledged customer support service to its clients.