I'm the administrator and an heir for an estate where the decedent was a PA state resident. I have the following questions:
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You need a certain number of posts before you can attach files and/or post screenshots. I believe it might be five, but am not sure; it is definitely more than one.
Net losses from the estate cannot be passed through to the beneficiaries until the estate is closed and the final return is filed. Assets (aka principal or corpus) can be distributed to beneficiaries without having any adverse impact on losses incurred by the estate.
You do not have to issue K-1s if there have been no distributions that have an impact on income, gains, credits, et al (i.e., if they would otherwise be blank).
You need a certain number of posts before you can attach files and/or post screenshots. I believe it might be five, but am not sure; it is definitely more than one.
Net losses from the estate cannot be passed through to the beneficiaries until the estate is closed and the final return is filed. Assets (aka principal or corpus) can be distributed to beneficiaries without having any adverse impact on losses incurred by the estate.
You do not have to issue K-1s if there have been no distributions that have an impact on income, gains, credits, et al (i.e., if they would otherwise be blank).
FYI ... the 1041 is an INCOME tax form which reports income and expenses on the estate ... distributions of corpus is not reported on the income tax return.
And in the final year of the estate, any suspended losses will be released thru the K-1 to the beneficiaries.
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