I am the executor of my late Aunt's estate, the will is still in probate, do I need to file an estate return (not for estate tax the value does not require that) also when do I issue the K1's to the beneficiaries, she dies in 2017 but the estate is still being probated in 2018 so do I list distributions on the estate filing and at what point do I issue the K1"s?
Thank you
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K-1's would be issued anytime that you distributed amounts to the beneficiaries of the estate. If you have not yet distributed estate funds, then no K-1's are required for 2017.
See this helpful article below.
I am the executor of my sister's estate and the estate checking account. We are in the middle of probate and I received a tax statement for the interest on the account along with the interest statement from another bank where she had a saving account which was merged into the estate account. Do I need to file income tax for the estate account for 2019? I already filed her taxes 2018 recently which was the year she passed away. Thanks
@MichelleVC33 wrote:
Do I need to file income tax for the estate account for 2019?
A 1041 is required if the estate had gross income for the year of $600 or more.
See https://www.irs.gov/instructions/i1041#idm140630132235568
Thanks for the information.
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