BobKamman
Level 15
yesterday
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@sjrcpa wrote:
"We did not have K1s' in 2024, because the 1099Rs' were all made out to the estate and the attorney distributed the proceeds at probate."
If the 1099-Rs were made out to the estate they should have been reported on the estate's 1041. Then claim a distribution deduction for the amounts distributed.
Yes, that's certainly a troubling statement. So, who paid tax on the distributions? And by not reporting the income on a 1041 and then taking a deduction for court costs, attorney fees and other allowable expenses, the beneficiary likely paid too much.