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New Member

Do I need to file 1041?

I am a Per Rep for my deceased father's estate. The only assets that were sold this past year of closing the estate were two vehicles and his home. Other income sources were credits from overpaid medical bills. After those assets and other debts were paid (credit card, medical, home equity loan, estate legal fees), remaining funds were distributes evenly to beneficiaries (i.e. me and my brother). The balance of all of this was below $40k. Is a final 1041 filing needed (via TurboTax for Biz)?

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New Member

Do I need to file 1041?

You should file a final 1041 and Form 56 to terminate the estate if all assets have been distributed and/or no income to report.

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