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Level 2
posted Apr 7, 2023 12:41:55 PM

1041 Fiduciary before disbursement to beneficiaries

My father passed away on May 25th 2022.

- The estate is in probate (has not been closed)

- There is an EIN number for the Estate

- Bank Funds reported on 1099-R have been collected by the estate and are being held in an Estate account

- There are two beneficiaries, but no funds have been distributed as of yet.

- I anticipate that all property and financial distributions along with Schedule K1s will be complete in 2023

- At that point a final closing 1041 Fiduciary with Schedule K1 will be filed?

 

My question is:

As the executor of the estate, its my understanding that I must file a  non-closing 1041 Fiduciary by April 18th 2023 (unless I go down the path of using the calendar year option - not at the moment).  I do NOT have the SSAN of one of the beneficiaries.  Do I / can I file a non-closing 1041 Fiduciary on April 18th 2023 without listed beneficiaries?

 

Vr

Rich

 

 

0 4 2617
1 Best answer
Level 15
Apr 7, 2023 2:01:32 PM

4 Replies
Expert Alumni
Apr 7, 2023 1:29:34 PM

Yes, you must file a Form 1041 by April 18th, 2023, for 2022, if the estate earned taxable income of $600 or more.  Exception: If you choose to use a fiscal year which would have to be requested when the application for an Estate ID or EIN was completed.

  • An estate does not have to use a calendar year as its tax year. An estate may elect a fiscal year, so long as the ending month of the estate's initial fiscal year must end no later than the last day of the calendar month that is no more than twelve months from the date of the decedent's death.

You do need the social security number of all the beneficiaries when filing the return.

  • Instructions for Form 1041
    • Penalty. You may be charged a $50 penalty for each failure to provide a required TIN, unless reasonable cause is established for not providing it. Explain any reasonable cause in a signed affidavit and attach it to this return.  (See page 41)

@richardaernst 

[Edited: 04/08/2023 | 6:04p PST]

Level 2
Apr 7, 2023 1:34:20 PM

My question is:

As the executor of the estate, its my understanding that I must file a  non-closing 1041 Fiduciary by April 18th 2023 (unless I go down the path of using the calendar year option - not at the moment).  I do NOT have the SSAN of one of the beneficiaries.  Do I / can I file a non-closing 1041 Fiduciary on April 18th 2023 without listed beneficiaries?

Level 15
Apr 7, 2023 2:01:32 PM

Level 2
Apr 8, 2023 7:13:17 AM

@DianeW777.  nice information, but that wasn't my question and doesn't provide an answer!  If I may offer a bit of advice in the future, please read the question and surrounding context of peoples questions before you answer.  

 

Vr

Rich