Estate settlement

[Wendy]

Client's father died 2 years ago. Check was issued this year from a class action settlement of The Fair Fund/Bank of America. CPA sent a packet of information saying that he elected not to re-open the estate for the distribution and gave a breakdown of what he decided was long term gain/ordinary income/expenses for each of the beneficiaries. No other documentation. My question is how/where to input? No K-1. No info for Sch D. I'm tired & confused. Thanks for any illumination.

Wendy

[jainen]

>>Thanks for any illumination<<

Thank the CPA -- he did all the illuminating.

[Terry D EA]

Client's father died 2 years ago. Check was issued this year from a class action settlement of The Fair Fund/Bank of America. CPA sent a packet of information saying that he elected not to re-open the estate for the distribution and gave a breakdown of what he decided was long term gain/ordinary income/expenses for each of the beneficiaries. No other documentation. My question is how/where to input? No K-1. No info for Sch D. I'm tired & confused. Thanks for any illumination.

Wendy

i think you answered your own question. As Jainen stated, the CPA did all of the work for you. Income minus the expenses should go on line 21 other income of each beneficiaries individual tax return.

[Wendy]

Thank you - of course you were both right. And I had thought that was the way to go - but my brain was trying to make it more complicated and I was confusing myself. Two weeks from today I'll be walking on the beach.