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Did NOT file an estate tax return on estate valued at

Customer Question
$400,00 and cash distributed to...
Did NOT file an estate tax return on estate valued at $400,00 and cash distributed to 15 heirs. Am I required to give them a form i.e 1099 for their distributed amount.
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: heirs distribution varied from $40,000 to $2000 because some were siblings and others were nephews/nieces.
JA: Is there anything else important you think the Accountant should know?
Customer: estate in Texas
Submitted: 8 months ago.Category: Tax
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Answered in 25 minutes by:
4/1/2017
Tax Professional: Lev, Tax Advisor replied 8 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,327
Experience: Taxes, Immigration, Labor Relations
Verified

Based on your information - the income tax return for the estate is required.

See instructions

https://www.irs.gov/pub/irs-pdf/i1041.pdf

page 4

Who Must File
Decedent's Estate
The fiduciary (or one of the joint fiduciaries) must file Form 1041 for a domestic estate that has:
1. Gross income for the tax year of $600 or more, or
2. A beneficiary who is a nonresident alien

.

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Tax Professional: Lev, Tax Advisor replied 8 months ago

If there is any taxable income and when income is distributed to beneficiaries - along with form 1041 - the administrator of the estate will issue forms K1 to each beneficiary reporting his/her share of the income to be used with the individual tax return preparation.

Distributions of the corpus is not taxable and is not reported on K1

Let me know if you need any help with reporting.

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Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,327
30,327 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

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