Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Feb 1, 2024 1:25:25 PM

Trust Final Return now or do I have to wait until all distributions are made.

I am the executor for my mothers estate.  She passed in 8/2022.  Siblings and I sold the house in early 2023.  I distributed most of proceeds, but held some back in case of taxes.  Can I file the final return for 2023, or do I have to file the final for 2024 since this is when I will pay the final distribution.  I do not expect any income or further taxes for the remaining balance.

0 3 2452
3 Replies
Level 15
Feb 1, 2024 1:47:09 PM

File the final return after the trust terminates.

Level 1
Feb 1, 2024 1:53:30 PM

So, after the final distributions are made this year?  Do I have to wait until 2024 tax season?

Level 15
Feb 1, 2024 3:14:42 PM

See https://www.irs.gov/instructions/i1041#en_US_2023_publink1000285980

 

You can file a return for 2024 using a 2023 Form 1041 if the 2024 version is not yet available.