I have a Trust and working on 1041 manually for now to understand it better. However, I was watching a video and the man stated K-1's need to be filed by the due date or $195/beneficiary can be charged per month. I read something where K-1's should be sent out to beneficiaries by 15 March, yet I read on the irs site you provided 18 April 2023...I assume I am still good?
Also, as long as I am still good, how do I get a one-on-one with a pro at turbotax to ensure i am good with everything?
Another thing, in the Trust, there are no requirements for distribution of income (the only income this year is bank interest, 2 IRAs, and rental income which is passive). The Trust is used to pay taxes, insurance, and other costs incurred by the Trust, so I'm not sure if the K-1 really applies. Inheritance is not taxed only the income made by the Trust.
Please advise and thank you.
