It should. You will have to file a 1041 Income Tax Return for Estates and Trusts since your father's estate had gross income of over $600. In addition to the $850 interest income, you should include any other income generated after your father's death as well as all expenses (including those paid to the probate attorney).

For an estate (1041) return you will need TurboTax Business. You can visit the following link to purchase the program: TurboTax Business.

TurboTax will take you through an interview to prepare the estate return, similar to the personal (1040) products. As part of preparing the 1041 return, TurboTax will prepare K-1 forms for each beneficiary. You will need to enter the information from the K-1 into your personal 1040 return.

I am so sorry for your loss!

StarGirl18

Level 5

I received the state's final informal administration, which had the receipts on one side, and the disbursements on the other side, which equaled. The proposed distribution of the estate was 11,000 less than Asset on Hand.

The Personal Rep, took 6500 and the attorney took 4500. It appears these fees were not on the 1041, right? Can I deduct those fees on my 1040SR? Also on the 2K-1 given, there was no income Fed or state, but State Local Taxes were listed as a adjustment, positive number, so I assume I have to add that to my income, right?

No taxes reported on the K-1. Thanks in advance.

RobertG

Level 12

Executor and accounting fees should be deducted on the 1041.

Legal fees are no longer deductible on the 1040.

If state and local taxes are shown as part of the Beneficiary's share of deductions on the K-1, then they would be deductible as an itemized deduction on your 1040.

@StarGirl18

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