When to issue K1

Forum|Forum|7 years ago
June 5, 2019
11 replies
47 views

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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PaulaM

Alumni - Expert

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.

https://turbotax.intuit.com/tax-tips/estates/what-is-a-schedule-k-1-form-1041-estates-and-trusts/L6X...

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ElsieAuthor

Level 4

Thank you, in doing the NY State return it says a K1 is required to be attached, so do I just NOT list that there were any beneficiaries when doing 1041 for 2017 and in 2018 add them?

MichelleVC33

Level 2

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