turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

1041- How to skip beneficiaries

I’m working on a 1041 for step-mother’s estate (I’m the executor). It’s a simple estate, no trusts, no real estate just income from a brokerage account (1099-B) and an annuity (1099-R). The tax due is about $709 and I want to pay it from the estate rather than generating a K-1 for 10 beneficiaries. 
How do I tell TT that I want to skip beneficiaries and NOT generate K-1s?

im using the desktop version for windows

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
DavidD66
Expert Alumni

1041- How to skip beneficiaries

You can't tell the program to "skip beneficiaries" and not generate Forms K-1.   The program is going to generate all forms required to be transmitted as part of the e-file transmission.  If the estate pays the appropriate amount in taxes, the beneficiaries aren't responsible for taxes. However, if the estate distributes taxable income to its beneficiaries before paying taxes, then the beneficiary will be responsible for taxes on that income.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

1041- How to skip beneficiaries

This is completely false and misleading information. I found a way to do it in the software; it literally says SKIP beneficiaries and when you do that it will compute the tax owed and eliminate the step of generating K1s which is what I wanted to do (have the estate pay the tax so that all 10 beneficiaries don't have to deal with a K-1).

 

Next question:  I want to efile the form 1041 using TT Business. IRS requires that we attach the Letters Testamentary with the return. I'm not seeing a way to do this within TT. I can attach form 8453 to the efile return but not seeing a way to include another document as an attachment.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question