A few more nits popped up over the weekend:
You say April 18th but someone else states that you were correct in telling me the 15th. I would assume they are simply generalizing, except that the letter we got from the IRS assigning an EIN to the trust last May or so said the Form 1041 (which I assume includes the K-1s) was due by April 15th, 2022. Please confirm that the IRS letter is wrong, and that the 18th is correct because we may come down to the last day, unfortunately!
Regarding your agreement of what I suggested, that any loss would be shared according to the percentage of inheritance, I later clarified that the first in line beneficiaries got a fixed dollar amount, whereas the remaining 2 beneficiaries get half of what is left, although i think I also noted that the percentage calculation seems easy enough to do regardless. However, does it matter if the former got their distributions in 2021 but the latter two did not get some of theirs until 2022, in order to make sure there was enough funds undistributed to pay bills, etc? Can we still use what we expect will be the final percentage breakdown or is there something holy about declaring the capital loss all in the first year that says the breakdown can only use amounts distributed in that first year, which could change the percentages considerably.
Based on the loss due to the sale of a home and some estate-settlement-related expenses, which are the only facts here, can someone advise me as to which rows on the Schedule K-1 will be filled in, so that I can fill in placeholder numbers now in the K-1 section of TurboTax for my own personal 2021 income tax return - so I will be ready to go on the 18th, if it comes down to being that late before the K-1s are generated?
Thanks much!
