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Old 03-04-2015, 02:01 PM
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Interest income from US EE Bonds for Estate

My mother passed away in 2014. She had US EE Savings Bonds. After her death, I needed to cash them in to distribute her estate assets (I'm the executor of her estate). When I cashed them in at the bank, they reported the interest on the EE Bonds (a very large sum) under the estate's tax ID.

Now I'm completing both my mother's 2014 individual tax return and the 2014 return for her estate. Because she had lots of medical bills in 2014, she ends up with no taxable income for 2014. However, the estate has this large sum of interest income which is taxed at 39%.

Is there any way I can attribute this interest income to my mother's individual return so that her medical bills offset this income? Under the estate income tax form (Form 1041) I believe I can not have any deductions that would offset the income (e.g., funeral costs or medical bills paid after her death by the estate).

Any thoughts?



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