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Must file a 1041 what are the tax rates? estate got a1099r…

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Must file a 1041...

Must file a 1041 what are the tax rates?

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Estate got a1099r for a deferred annuitiy for $10,690.84

Submitted: 28 days ago.Category: Tax
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Answered in 7 minutes by:
3/28/2018
Tax Professional: Lev, Tax Advisor replied 28 days ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,721
Experience: Taxes, Immigration, Labor Relations
Verified

Let's reference the 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.

.

So filing is required.

If that amount is distributed to beneficiary - the taxable income is deducted on line 18 - and there will be zero taxable income for the estate.

But K1 will be issued to beneficiaries - and will be taxed on individual tax return.

Let me know if you need any help with reporting.

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Customer reply replied 28 days ago
where do I get a K1
Customer reply replied 28 days ago
where do I get aK1
Tax Professional: Lev, Tax Advisor replied 28 days ago

You may use form from the IRS

https://www.irs.gov/pub/irs-pdf/f1041sk1.pdf

If you are using any tax preparation software - that form should be included.

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Tax Professional: Lev, Tax Advisor replied 23 days ago
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