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Get your taxes done using TurboTax
@jeanmissor wrote:
.......liquidated the IRA account and is sending me a check and preparing a K-1.
If you are getting a check and a K-1, then it is likely that the estate did not pay any tax that may have been due on the liquidation of the account.
A K-1 (1041) reports items of income (gain), deductions, and credits. As a result, if the estate had paid the tax due on the liquidation of the account (and there were no final deductions), then you would most likely just be receiving a check for your share of the assets (which is now cash).
‎August 31, 2023
1:59 PM