Solved

Estate Income Tax (1041) Schedule K-1 Forms

Forum|Forum|3 years ago
December 1, 2022
1 reply
0 views

I am the executor of an Estate and will need to file a Form 1041 for 2022. The estate will have a small income of about $3000 after deductions. Am I required to file Schedule K-1 for the beneficiaries if assets from the estate are distributed in 2022? Nothing has been distributed yet, and I am wondering if there would be any benefit in delaying distributions until next year. I would prefer having the Estate pay the taxes due rather than the beneficiaries.

TurboTax Business Windows

Best answer by Anonymous_

No text available

A

Anonymous_Answer

Employee

No text available

S

slschillingAuthor

Thanks. There is no will. If the estate does make a distribution this year, am I required to issue K-1s to the beneficiaries, or do I have the option of having the estate pay the taxes? Most, if not all of the beneficiaries will be in the 22% Tax bracket, so it would be cheaper and easier for the estate to pay.