- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
OK. So, after other allowable deductions (line 15a form 1041), the amount left is $13K. Can my sister now disburse that to herself as a beneficiary (Sch B line 15; line 18 form 1041) and
complete a K-1 to herself with (k-1 form 1041 line 6) Income of
$13K and now report that $13K on her 1040?
If so, what happens to the $600 exemption (1041 line 21)? Would she pay taxes on that exemption with the 1041?
‎April 10, 2021
12:02 PM