turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

jshedosky
New Member

1041 check as final or not?

Me and my brother just completed a 1041 for the house sale of my deceased mother (passed in june 2023, house sold in feb. 2024). We have essentially dispersed all of the money, however the irs is holding up my mothers tax refund from 2023 taxes.

 

As a result we need to keep the estate account open to deposit the check when it (finally) comea.

 

I recently found out that the net loss on the house sale (we deducted the expenses) wont go through to K-1 until we declare the 1041 final. 

 

I'm assuming we did the correct thing since we need to keep the estate account open, however, it's only to deposit the one check and the account gives no interest.

 

So my question is should we have checked off that this is not the final 1041? And if so what do we do next year since the eatate will have no income?

 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
MinhT1
Employee Tax Expert

1041 check as final or not?

As the trust is not terminated, form 1041 for 2024 should not be marked Final.

 

For 2025, if the trust has no income-producing assets and has gross income of less than $600, it is not required to file form 1041,

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question