@Mike_not_a_CPA wrote:Is it normal for the 2025 K‑1s to show zero in this situation? Could this be because the estate recognized and paid tax on all gains for 2024 when the accounts (i.e. Fidelity) were liquidated, and there was no taxable income or liquidation activity in 2025?
Yes, it most definitely is normal because you had the estate pay all of the income tax due in the 2024 tax year and, as you stated, there were no items of income or transactions in the 2025 tax year; the estate merely distributed corpus in 2025.
