Pub 17 equivalent for 1041 (estate)?

[Kea]

I may have to do an estate 1041 for a client this year. I've only done one previously and it was very basic. (My uncle had about $800 in interest after he passed before everything transferred to my father.) This new one should be fairly simple, but perhaps a bit more complex than my previous one. The main reason I'm interested in doing this is to learn more about the 1041 before I do the one for my father next year. His will be much more complex, but I will have the rest of the year to learn more about it.

I've been reading the instructions for the 1041, but was wondering if there was a good overall reference. Maybe something like the Pub 17 for 1040s? I have a business Quickfinders from a few years ago when I thought I might expand my business to include partnerships, but I never did that. I'm looking for a good, basic overview. Any advice is appreciated.

Thanks

[RitaB]

I may have to do an estate 1041 for a client this year. I've only done one previously and it was very basic. (My uncle had about $800 in interest after he passed before everything transferred to my father.) This new one should be fairly simple, but perhaps a bit more complex than my previous one. The main reason I'm interested in doing this is to learn more about the 1041 before I do the one for my father next year. His will be much more complex, but I will have the rest of the year to learn more about it.

I've been reading the instructions for the 1041, but was wondering if there was a good overall reference. Maybe something like the Pub 17 for 1040s? I have a business Quickfinders from a few years ago when I thought I might expand my business to include partnerships, but I never did that. I'm looking for a good, basic overview. Any advice is appreciated.

Thanks

Hi, Kea. I am about to do (only) my second one myself. Lawyer kept telling my client, "You don't have to do anything. The estate handled everything." I got the lawyer on the phone and asked him if HE was doing the 1041. "You don't have to do anything. The estate handled everything." Me: "Are you preparing the 1041?" Lawyer: "No."

OK, there's a $7000 debt cancellation, sale of residence, sale of mutual funds...

Anyway, I think we might check out Publication 559 and Publication 590. Hopefully, someone with more experience can help us out with more sources.

[TAXBILLY]

If you belong to NATP, they have an excellent book you can order that they use in thir course.

http://www.natptax.com/

taxbilly

[Kea]

RCooper - Thanks so much. I'm printing pub 559 right now -- it looks very helpful. I'm not sure I'll need the 590, though. I don't think I'll have to worry about IRAs.

Taxbilly - you snuck your post in while I was replying to RCooper. Yes, I am a member of NATP. Were you referring to "New Estates, Gifts and Trusts," or a different one? Thanks

[RitaB]

RCooper - Thanks so much. I'm printing pub 559 right now -- it looks very helpful. I'm not sure I'll need the 590, though. I don't think I'll have to worry about IRAs.

I'm not only a slow typist, I'm a bad one. It's Publication 950, not 590.

[TAXBILLY]

RCooper - Thanks so much. I'm printing pub 559 right now -- it looks very helpful. I'm not sure I'll need the 590, though. I don't think I'll have to worry about IRAs.

Taxbilly - you snuck your post in while I was replying to RCooper. Yes, I am a member of NATP. Were you referring to "New Estates, Gifts and Trusts," or a different one? Thanks

No. The ones you need are:

The Final 1040 & Estate 1041 - catalogue number 2844

Preparing Form 1041 - catalogue number 2850

taxbilly

[Kea]

I wondered if it was a typo, so I tried 560 as well as 590 and didn't get very far. Estate tax publication is more relevant, but the estate tax limit is high enough that I don't have to worry about that aspect.

[MontanaEA]

Definitely look at Pub 559.

[Kea]

Thanks to everyone. I now have a good summer reading list.