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Retirement tax questions
As executor, you must prepare Form 1041 Estate Income Tax Return (TurboTax Business) which will include a Schedule K-1 (Form 1041) for each beneficiary receiving a distribution from the estate and give copy of each beneficiary's Schedule K-1 to the corresponding beneficiary. As beneficiary, you'll enter the Schedule K-1 on your individual income tax return using an individual version of TurboTax that supports the entry of Schedules K-1.
On the estate's income tax return, the IRA income is reported as Other Income (Form 1041 line 😎 and on Schedule K-1 box 5 as Other Portfolio and Nonbusiness Income.
On the estate's income tax return, the IRA income is reported as Other Income (Form 1041 line 😎 and on Schedule K-1 box 5 as Other Portfolio and Nonbusiness Income.
‎May 31, 2019
6:12 PM