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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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Do I fill out the 1041 first then issue the k1's when

Customer Question

do I fill out the 1041 first then issue the k1's when the lawyers give out the money to us.... and who provides the 1099's to us to use with our taxes or do we need them if we have the k1's. where on the 1041 do I enter that I want to pass the income to
the beneficiaries from the estate so we don't have to pay the higher estate taxes
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

In general - you file 1041 and K1 at the same time.
You will need to send all K1's to the IRS as attachments with 1041.
In additional - copies of K1 are given to each beneficiary.
In each K1 - you report a share of income and a share of withholding for each beneficiary.
Each beneficiary will use that information when file his/her tax return.

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