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Level 3
posted Jun 26, 2024 5:12:18 PM

Do I need to report beneficiaries on form 1041 and send K-1's if there were no distributions this year?

I filed 2023 form 1041 for my mother's trust. There were no distributions to beneficiaries. And two beneficiaries refused to provide their SSN's. So I did not list beneficiaries or send k-1's.

Do I need to amend the trust to identify the beneficiaries and provide affidavits for the two refusals even though there were no distributions? Or is the filed form 1041 proper without identifying the beneficiaries?

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1 Best answer
Level 12
Jun 26, 2024 5:28:09 PM

You don't need to generate K-1s if there were no distributions and nothing thereon to report to the benes.

3 Replies
Level 12
Jun 26, 2024 5:28:09 PM

You don't need to generate K-1s if there were no distributions and nothing thereon to report to the benes.

Level 15
Jun 26, 2024 7:50:16 PM

No distributions no k-1's. in future years if you do make distributions you may want to write down the info from this link as to what to do if they still refuse.

https://ttlc.intuit.com/community/taxes/discussion/k-1-in-trust-beneficiary-won-t-give-social-security-number/00/2920557 

 

Level 3
Jun 26, 2024 8:34:36 PM

Thank you.