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Discussion Forum Index --> Advanced Tax Questions --> 1041 Estate Return
Discussion Forum Index --> Tax Questions --> 1041 Estate Return
Viann (talk|edits) said:
| 6 October 2007
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| I am a tax preparer but, I am venturing into something new to help my daughter. Her dad passed away with no will, so his things are now in an estate. We are working on the first 1041 and I am unsure if I need to produce K1's for each of the kids? I have read the IRS reg's but, I am not clear can someone please help?
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Dennis (talk|edits) said:
| 6 October 2007
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| Basically the 1041 reports income and expense from date of death to termination of the estate. This will only involve probate assets, so things like retirement assets, joint accounts and life insurance proceeds will pass directly. Intestacy is tricky. Hopefully you are consulting him. The kids will get k-1's only if the estate has income and they actually receive distributions. We're glad to answer questions but might want to consider professional help.
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Viann (talk|edits) said:
| 7 October 2007
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| Thank you very much Dennis. That is what I thought I understood. There is no income except a small amount on a savings account but, this is being held until the property sells to pay the property taxes in the future.
Thanks again!
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