I completed a 1041 Estate return last year for my father. I did the step by step. When Turbotax asked "How much was distributed to each beneficiary?" and "Enter the amount distributed to each beneficiary" I entered the entire amount I distributed to each of the 3 beneficiaries (equal amounts 1/3 of total). Not only income.
I am now completing a 1041 for my brother's estate and I realize should have only entered the income distributed when turbotax asked how much was distributed-not the entire distribution. The K1s I did for the first return are incorrect - I need to amend them and hopefully get it right this time. So I want to make sure I understand.
I distributed a large amount of stock and cash, and did an NUA distribution of the deceased 401K and distributed. This time I have only one beneficiary. When Turbotax asks how much I distributed, do I just put the estate income from the 1099s in the box? Or do I put the amount of owed income (schedule B line 15) after deductions. (I assume the entire distribution is not reported.)
An additional question - I see that Net Unrealized Appreciation is considered IRD. Do I have to do anything special with this or just enter the income as shown on the 1099R?
Thank You
