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Get your taxes done using TurboTax
If you use a 2022 program a 2022 K-1 form will be issued to the beneficiaries so doesn't it go on their 2022 returns? Personally I would wait for the 2023 program to come out next Jan since it was a 2023 sale and issue a 2023 K-1 for to go on the 2023 personal returns. By holding the estate open a few more months after the house sale to see if anything else needs to be paid or any other income comes in will keep from having to amend the return later or reopen the estate. The majority of the corpus can still be issued to the benies now and just hold back a couple of hundred to pay for the 2023 tax program later.
May 28, 2023
7:06 AM