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As the Executor of an Estate, can I request a K-1 Schedule after April 15 if I don’t know the beneficiary distributions yet?

Forum|Forum|7 years ago
June 1, 2019
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I’m the executor of my father’s estate. He passed in 2017 and his estate generated less than $600 in income, so I don’t need to file a 1041 for 2017. The estate will pay out to the beneficiaries around July 2018, so can I submit a 1041 for K-1 Schedules in July once I know the exact amounts so the benificiaries have the K-1/1099-R in time to do their 2018 taxes by Feb-March 2019?

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Best answer by MichaelL1

The 1041 Estate is for the income of your father's estate after death until distributions are made.

It is possible that no 1041 will need to be filed.

From the question, it appears that there is a retirement account and when this is distributed to the heirs, they will each get a 1099R when distributions are made to them. The exception would be if the Estate takes the distributions and pays the taxes on it.

the Estate 1041 can be on a fiscal year, so if the year ends anytime in 2018, it would go on the beneficiaries 2018 income tax returns if a K-1 is generated by the Estate.

I would advise you to consult with the Atty that is handling the Estate.

MichaelL1Answer

Employee

The 1041 Estate is for the income of your father's estate after death until distributions are made.

It is possible that no 1041 will need to be filed.

From the question, it appears that there is a retirement account and when this is distributed to the heirs, they will each get a 1099R when distributions are made to them. The exception would be if the Estate takes the distributions and pays the taxes on it.

the Estate 1041 can be on a fiscal year, so if the year ends anytime in 2018, it would go on the beneficiaries 2018 income tax returns if a K-1 is generated by the Estate.

I would advise you to consult with the Atty that is handling the Estate.