I am closing out my father's estate. Income for this year was a whopping $40 in interest. No beneficiary will receive more than $20. Do I still have to send them a K-1?
If so, how would I submit the K-1, given that I don't have to file a 1041 because the income for the estate was less than $600?
If the estate does not have a filing requirement (i.e., is not required to file a 1041), then there is no need to submit or issue K-1s.
See https://www.irs.gov/instructions/i1041#en_US_2021_publink1000285942
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