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Hi All,
Have one I have never seen before. Client died intestate and estate is in probate (millions). The only beneficiaries are a series of distant cousins that live in CZ with no US SS numbers or ITINs. Is it possible for the estate to pay the income taxes on the assets sold and retirement account distribution without K-1's issued, short year the estate final 1041, then mail out the cash immediately after filing the final 1041 to these beneficiaries without issuing K-1's where there is no income after the final year. The idea is the beneficiaries want nothing to do with the US tax system (don't are about the tax hit by taxing in 1041) and getting ITINs for so many beneficiaries is going to be a nightmare. I did see a discussion that you could have foreign beneficiaries without ITINs but it would be a paper file and Lacerte does have a foreign beneficiary tic box. Any help is appreciated, thanks in advance!