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Form 1041 K-1 - are these forms necessary if there is no tax due?
I am filing the taxes for my dad's estate. His will designated 50% of his estate to go to specific charities, and the remainder to go to family. The will also designated that all taxes be paid for from the estate.
There was interest and capital gains received by the estate for 2020. I also paid out the majority of the charitable contributions designated by the will. These contributions offset the interest and capital gains, so the tax due is zero. Do I need to fill out K-1 schedules when there is no income distribution deduction being taken on the 1041?
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March 21, 2021
12:49 PM