How to extensions in CA. work in regards to filing this year 2023 and things like K-1 forms?

[Anonymous_]

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@PJhiker wrote:

What do you think? I should have zero tax liability?

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Based upon what you stated, yes, that should be the case.

[PJhiker]

Oh cool. That is good news. In that case would I simply not pay or need to enter any type of estimated payment to the state of CA. and IRS by that April 18 date? Would I just not worry about it?

[Anonymous_]

Yes.

[PJhiker]

Great. Thank you so much. So I can just tell him to apply all the deductions to his side of the 1041 or income and not include it on my K-1? And if I'm seeing it right it won't effect my payout of zero at all right? I mean the deductions I think are mainly juts a $2k staging fee.

[Anonymous_]

No. He should prepare the 1041 in accordance with the interests of each beneficiary.

[PJhiker]

OK, but even if I took my part of the deductions it would not change my payout correct? So, you are saying he can't take 100% of the deductions on his side because of the way the 1041 is set up? 

[Anonymous_]

If you are each entitled to half of the total income, then you are each allocated half of the deductions.

He has to follow the rules.

[PJhiker]

Right, but does he have to even if I want to allocate my deductions to him?

[Anonymous_]

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@PJhiker wrote:

Right, but does he have to even if I want to allocate my deductions to him?

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Does he have to follow the rules? Yes, he does.