k-1 yearly from estate?

[WITAXLADY]

so this estate I am doing - read and looked it up -  - what to do,

did not figure out ATX though

anyway - I get a number of K-1's every year from estates until they close...

these k-1's are not populating for the benes  and the estate  will close soon for 2019 -

do I have an option of just doing the K-1's  all in 219

since a- will the benes have the option to just  - if they get a k-1 this late from 2018 of putting both the 18 and 19 in the 19 or

b  do they need to amend the 18? and then the 19 will go on the 19?

and I just to keep messing with the K-1 until it prints correctly?

thank you,

d

 

[Gail in Virginia]

I am not sure that I am understanding your question.  Which tax return the beneficiaries report the K-1 on depends on whether or not the return is on a fiscal year.  If the estate year end is in 2019, then the K-1 goes on the 2019 personal return for the beneficiaries.  As far as whether or not the K-1 generates, I think that depends on whether or not any of the income was distributed.  If everything stays in the estate until the estate closes out, and the estate is open multiple years, there won't be a K-1 until the final year (I think.)  But if the beneficiaries get income distributions throughout the life of the estate, I think they will get K-1s every year.  So if you are not showing income distributions, K-1s will not print.  

Does this help at all?  I am not an expert on estates so someone else may have better answers.   

[Abby Normal]

If this K1 needs to go on the bene's 1040s, they will have to amend, unless the income passed out to them is inconsequential.

[WITAXLADY]

got cha!

I do not think anything was distrubuted...

 

so the next interesting question - they will get a lot of $$$$ but the K-1 shows losses dues to the stepped up basis so the distributions should be not taxed? all free money? from what I figure..

I want to be a bene! Oh wait trustee said I charged too much!

Sincerely,

D

[Gail in Virginia]

If the k-1 shows losses, not only do they get free money but those losses will offset some of the other income they have.  Not really a bad deal in this case. 

[Abby Normal]

Excess deductions are gone though because they were a 2% itemized deduction.

This is probably a final K1 if these are capital losses being distributed.