@cferg wrote:
After the $600.00 exemption there was taxable income of $296.00 and a tax of $30.
If you are distributing income (gain) to the beneficiaries, then there is no exemption for the estate. The exemption is only available if the estate is paying any tax due.
Again, if the estate is paying any and all tax due (and not distributing income/gain to the beneficiaries), then it is likely you do not need to issue K-1s.
