IRS form 1041, K-1

February 26, 2023 3:03 PM

I am preparing U.S. IRS form 1041 for the estate of a decedent. The proceeds of the estate will go to a group of beneficiaries specified in the will. Should K-1 forms be created for each of these beneficiaries ? I won't know how much the beneficiaries receive until the estate is closed. Are K-1 forms for distributing income that the estate has received ?
posted by llc to Law & Government (2 answers total)

In the estate I prosecuted, K1 forms went to all the recipients of the proceeds of the estate.
posted by bz at 5:24 PM on February 26, 2023

K-1 is for reporting INCOME to beneficiaries. You need to have an accountant do this. It depends on lots of factors about what income is reported to the beneficiaries and which is reported to the estate itself.
posted by bluesky78987 at 7:38 AM on February 27, 2023 [1 favorite]