State is Kentucky. I am trying to help my grandfather close out an estate from his deceased son. The son passed away in April of this year and left a 401k plan with no designated benificiary. Located in Kentucky. We have a Petition/Order to Dispense with Administration signed by the judge and filed with our District court transferring all personal property to my grandfather. Besides the 401K the only other property was about $400.00 in a personal bank account.
JP Morgan Chase has the 401k and they are requesting that we get a Federal TAx Id number for the estate and something called a Small Estate Affidavit before they can send the check. Is this standard procedure? I have checked with my county court and they do not have a form called a small estate affidavit and they say the form we already have should be sufficient?
One more question, the plan balance is $1101.00. Will Jp morgan hold out taxes on this or will we have to file a tax return in April to pay taxes? And any idea about the amount of taxes on this amount of money? Just trying to decide if its gonna be worth all this trouble.
Thanks in advance to anyone who can shed some light on this for me. Will be much appreciated.