FORM 1041 REPORTING INHERITANCES

[Judes1]

FINAL YEAR OF 1041 FILING: (1 )ALL TAX LIABILITIES WERE PAID BY ESTATE, FOR ALL THE YEARS APPLICABLE;        (2)  INHERITANCES WERE PAID OUT IN THE FINAL YEAR, AND AGAIN, ALL TAXES WERE PAID BY THE ESTATE.   ALL INHERITANCES WERE LESS THAN $10,000 - DO THESE INHERITANCES NEED TO BE REPORTED ON THE FINAL 1041?  IF SO, WHERE?

[M-MTax · Accepted solution]

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@Judes1 wrote:

DO THESE INHERITANCES NEED TO BE REPORTED ON THE FINAL 1041?

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No, you do not need to report distributions of corpus (principal).

[Judes1]

THANK YOU!!!