Cannot create K-1's for an estate...

[Anonymous_]

You must have inserted that figure in some manner; there is no income to distribute.

[joejoe1592]

Well gee, that's really helpful. NOT!

I must have done something?  Sheese.  I paid $120 for a program to guide me through this process.  I answered the questions and filled in whatever I was prompted to.  NOTHING ELSE!

So when you volunteer help become stumped, do you have an escalation to TT support?  Does TT actually have any in-house support at all?

[Anonymous_]

I already told you that you do not have to enter anything in the program for the distribution of corpus - sorry if you misunderstood.

[Anonymous_]

Also, one thing I do not understand is how you were able to get distributions of corpus (the cash) recorded as Tier 1 income. All you really need to do is remove the figures.

[joejoe1592]

And I responded in this awful excuse for a support forum that I have done NOTHING except follow the instructions!

I filled in the basic info, checked this is a final return, filled in in the numbers for the distributions last year along with the beneficiary names and SS#'s.  The only other number I entered was the executor payment.  That's it.  PERIOD!

I turn to this forum because the hope is that if you people are providing support, then you should know how this program works in/out/sideways but it appears you don't.

I'm thinking that if I can't get the help I need, then I have no choice other than to return the program to Costco, telling them it doesn't work and they should stop carrying TT in the future.

[Anonymous_]

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@joejoe1592 wrote:

And I responded in this awful excuse for a support forum that I have done NOTHING except follow the instructions!

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Can you answer a simple question? Why are you even filing a 1041? 

Did the estate have any income whatsoever (or $600 or more) or did you only distribute $60,430 worth of cash from an account? 

Is this a final return for the estate? Were there any expenses?

[joejoe1592]

I've mentioned a number of times above that this is THE FINAL RETURN.

I am reporting the distribution of the assets, which was all cash of $60, 430 divided 5 ways and the executor fee.  THAT'S IT!

I have been told that I need to file this final and last return.  I also needed to get the 5 K-1 forms, which of course, does not work and which was discussed above numerous times.  

[Anonymous_]

Did you happen to enter the $60,430 in the Income section of the program?

The distribution of corpus (the $60,430 in cash) should not be flowing through to Part III of your K-1s.

[joejoe1592]

NO!  I went over the whole thing again last night to look for any opportunities where I could have screwed up and went off guidance.  

[Anonymous_]

Look at the screenshot below.

You have an executor's fee (which I input as $5,000) and a distribution of $60,430 split five ways.

For each K-1 enter "20" (as shown) which will split the executor's fee five ways as a final deduction.

For each K-1 enter "12,086" as shown in the screenshot.

[joejoe1592]

What am I supposed to look at?  Why is this germane to my particular problem?

[Anonymous_]

You can solve your entire issue by using Forms Mode and entering the figures I have shown you (in the screenshot).

if you only have an executor's fee to enter and the $60,430 distribution of corpus, this is the way to do the entry of those two items (although, obviously, you have already entered your fee in the Interview).

[joejoe1592]

I didn't spend $120 for this program to mess around with entering data in individual forms!  I could just download the forms from the IRS website if I were confident that I knew all that I should use.  But I know nothing about all the correct forms that might be needed or what linkages exist between them.

If the program can't handle even this simple return via the Q&A mode, then the program is defective.  I pity the people who have more complex requirements using this program.  

It's looking like I have no choice except to go try the H&R Block software.

[Anonymous_]

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@joejoe1592 wrote:

It's looking like I have no choice except to go try the H&R Block software.

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Good luck.

[Anonymous_]

Just out of curiosity, you mentioned you are the executor of the estate and you are being compensated.

In that event, why have you not engaged legal and tax counsel since there appears to be plenty of cash? 

This appears to me to be vitally important since you clearly have no idea what you are doing in terms of preparing and filing the 1041 and other matters (such as what constitutes income and what constitutes corpus - these are very basic concepts).

Are you a friend or family member of the decedent or one of the beneficiaries?