Hi,
Thanks @Anonymous_ for the speedy response. Yes, I've filed a final personal return for my mother, so that task is complete. Also, the mutual fund institutions had updated the cost basis for the funds to the date of my Moms death of 5/14/22, which was reflected in the 1099-B forms I received, so we should be good there too. Thank you for pointing that out, if that was not in place the tax situation would have been a different story!
Just to clarify, when using TurboTax business, would selecting either option (Estate or Trust) produce the 1041? It seemed like only the Estate option asked questions about my Mom's death date. The phrasing on that page was confusing.
Also, it seemed like with the Estate option, it defaulted to a fiscal year that would not end until April 30 2023. Should I wait until then to file the taxes? Or should I select the calendar year instead?
Finally, since the Trust is not yet closed, the K1's I generated for each beneficiary were still blank. Will I need to file one more return for the Trust next year after the Trust has distributed all the funds and been closed? I assume there is some sort of carryover within the Trust for the losses until next year?
Hopefully these questions make sense. I appreciate the help. If I need to post these follow up questions in a separate post I can do that, please let me know.
Thank you!!!
