It is the state where the trust resides when preparing the estate return. For beneficiary state returns you will use the federal K-1 if no state K-1 is provided with the estate.
Yes, the due date is April 18th for this year due to the holiday. As long as you file the estate tax return before that date it will be filed on time. The beneficiary returns will be due on that same day so if they get K1s they may want to have them before that date, or they can file an extension, or they can amend if they file their personal returns before they receive the K1.
Previous questions:
I assume that is 3,000 per beneficiary per year, right? - Yes, it is per beneficiary.
Is the loss shared proportionally according to how much each got as a distribution? It is shared based on their percentage of inheritance.
The broker valuation was 665k. So, is the initial loss 665 - 602 = 63? - Yes your formula is correct.
I assume that I would need to buy a new copy to use for that to generate the forms you mention. Is that correct? Yes, you need to use TurboTax Business.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
