My mother-in-law passed in Jan 2020. All financial assets were securities in an irrevocable trust. Ass assets have bee distributed to the beneficiaries so the trust is now closed. I know that we need to do a 1041 as well as the k-1 at the federal level and TT Business can do that. What forms (Form 2, Schedule CC, Schedule 2DW) are required at the Wisconsin state level can can TT Business also produce those documents?
For added info, there was some dividend income in the trust that hit after date of death but before everything was liquidated. Also, most of the assets show a capital loss due to the drop in the market last year.
You can do the trust's WI return with TT Biz but you should get help from a tax pro for this. If you distributed assets directly to the benes then they take the trust's basis and use that when they sell and report the sales on their tax returns. If the trust sold the assets then you include those sales on the 1041 and distribute cash.
You can do the trust's WI return with TT Biz but you should get help from a tax pro for this. If you distributed assets directly to the benes then they take the trust's basis and use that when they sell and report the sales on their tax returns. If the trust sold the assets then you include those sales on the 1041 and distribute cash.