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mjfg
Level 2

Form K-1 / 1041 estate income attributable to beneficiaries. Is there a de minimis?

I am closing out my father's estate. Income for this year was a whopping $40 in interest. No beneficiary will receive more than $20. Do I still have to send them a K-1?

 

If so, how would I submit the K-1, given that I don't have to file a 1041 because the income for the estate was less than $600?

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Form K-1 / 1041 estate income attributable to beneficiaries. Is there a de minimis?

If the estate does not have a filing requirement (i.e., is not required to file a 1041), then there is no need to submit or issue K-1s.

 

See https://www.irs.gov/instructions/i1041#en_US_2021_publink1000285942

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1 Reply

Form K-1 / 1041 estate income attributable to beneficiaries. Is there a de minimis?

If the estate does not have a filing requirement (i.e., is not required to file a 1041), then there is no need to submit or issue K-1s.

 

See https://www.irs.gov/instructions/i1041#en_US_2021_publink1000285942

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