Hello RobertB4444,
First, thank you so much for your feedback on the 12th. Unfortunately, I was unable to get back to the task until today, so I've not finished but do have a couple more questions.
Before I finish up and start calculating the tax and doing the K'1s, could you let me know if I have the right numbers? for the right places? If you don't mind, I'll do this by the items I'm confused by.
After income and dividends are identified as $ earned post-death, but pre-distribution to the beneficiaries:
- Is it correct on Income (2)b that qualified dividends are allocated to the Estate and not the beneficiaries since the earnings were attributed to the estate?
- Schedule B item 9, income required to be distributed currently. Does that include all of the $ received, including income for both the estate and what went to my mom on her final 1040 and was included in the accounts I paid out?
- Line 10- Other accounts paid, credited or otherwise required to be distributed; would I enter a tax refund that came for 2022 in July of 23? (I know it's not income, but was another amount paid out to the beneficiaries.)
As it stands, I have distributed all account balances, allocated 50-50, and except for one account that is being kept for contingencies and to receive mom's 2023 refund from the1040 final we look to be complete. My rough estimate shows no tax will be owed, basically due to the income distribution deduction.
So, then, I just mark the initial and final return for a decedent's estate, prepare the K-1's, sign, dot my i's and cross my t's and that's it? Oh yes, I send in Form 56 to revoke my fiduciary relationship for this tax matter.
You are so great to help out with these questions. This was quite an experience and I appreciate your kindness and patience.
Very respectfully,
desert1
