My father-in-law's Estate realized $2,800 in income which was distributed to 4 beneficiaries via K-1s and the Federal IRS form 1041 form was recently submitted and Estate closed.
The income distribution from the K-1 for my wife was entered in our 1040 form and shows up on both the federal and NJ taxes as income.
The Estate NJ-1041 instruction form says a NJ-1041 is only required if the gross income for the Estate, before deductions and exemptions, is greater than $10,000. As such, since the Estate only realized $2,800 in total income I wish to confirm there is no need for us to file a NJ-1041 in closing the Estate?
Thanks in advance for any perspectives.
