Hello,
I need some basic information related to finalizing my parent's trust.
I inherited my mother's home upon her passing. I am the sole beneficiary. The home was sold in 2024 and the proceeds were entered into an account (opened under an EIN for her estate).
I have the business edition of Turbotax and have entered the trust information along with the cost basis, expenses, etc. This is the final (first and last) submission for her trust.
Turbotax generated the single Schedule K-1 (form 1041) for me to use on my individual Fed tax return.
Questions:
1) Is it necessary to ALSO submit a Business STATE return (CA, in my case) for the trust?
If so, does the business state return generate a state K-1 form that I will use for my 2024 individual return?
Thanks for your assistance
C.
