topic Re: Is K-1 required if no distribution yet? in Get your taxes done using TurboTax

Is K-1 required if no distribution yet?

victoria1970 — Wed, 01 Apr 2020 13:07:46 GMT

I’m preparing to file the initial 1041 for my father’s estate for 2019. The estate received income in 2019 in the form of dividends, a final pension check, and from the sale of real property. However, no money has yet been distributed to the beneficiaries. The money will be distributed in 2020.

Is it correct that I don’t need to provide K-1s for 2019, since no estate income was distributed and passed through to them in 2019?

Thanks!

Re: Is K-1 required if no distribution yet?

Anonymous_ — Wed, 01 Apr 2020 14:13:37 GMT

@victoria1970 wrote:
Is it correct that I don’t need to provide K-1s for 2019, since no estate income was distributed and passed through to them in 2019?

It is considered a good practice to distribute K-1s (so that the beneficiaries are aware that they have no income tax liability as a result of the estate income), but it is not required if there were no distributions.

Re: Is K-1 required if no distribution yet?

victoria1970 — Wed, 01 Apr 2020 14:45:39 GMT

Thanks!