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In settling my brother's estate, the lawyer sent me a

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In settling my brother's...

In settling my brother's estate, the lawyer sent me a schedule k-1 form 1041. There is a number under Part III on 11 (final year deductions). With this information the lawyer explained that once everything was distributed, they filed a final 1041 covering the period 4/1 through 11/30/17. During this period, there was no income to be reported. However, due to the payment of attourney fees, there are "excess deductions" which are permitted to be "passed out" to me as a residual beneficiary. It goes on to say That the enclosed Form k-1 indicated a pro-rata share of the excess deduction, which may report on my 2017 income tax return if you wish to do so and are able to itemize.

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

I don't know exactly what this means and are unable to contact the lawyer. Is this a good thing?? bad thing? What exactly am I looking at???

Submitted: 2 months ago.Category: Tax
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2/6/2018
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 2 months ago
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,032
Experience: Adjunct Professor
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Hey! I'm Carter, I'm a CPA and can help you with this.

This is a good thing. If you itemize your deductions, you are able to deduct this amount on Schedule A. They are reportable as subject to 2% of AGI on Schedule A.

Hope that helps. if you need anything else, just let me know. If not, please leave a rating. Thanks!

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Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 2 months ago

Hey! I just wanted to follow up to see if you need anything else. If not, please leave a rating so I can get credit for helping you. Thanks!

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