Does an Illinois estate have to file a 1041 and schedule K, if the estate has not paid out to beneficiaries but interest and dividend income earned?

Forum|Forum|6 years ago
December 6, 2019
2 replies
11 views

There were no tax filings for 4 years and income was earned each year and final estate distribution will happen this year.

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Best answer by IRonMaN

Distributions don't determine filing status, but receiving income does. Unless the income was real piddly, it sounds like there should have been returns filed over the years.

IRonMaNAnswer

Level 15

Distributions don't determine filing status, but receiving income does. Unless the income was real piddly, it sounds like there should have been returns filed over the years.

Slava Ukraini!

G

gbellnyAuthor

Level 2

Returns and tax paid? Who should pay it? The estate or the beneficiaries through a K1? For each year...

George4Tacks

Level 15

Maybe a stupid question, but why did you ask here? Illinois has all that on their website. https://www2.illinois.gov/rev/questionsandanswers/Pages/73.aspx

Answers are easy. Questions are hard!

George4Tacks

Level 15

Read the instructions, it is all there. https://www.irs.gov/pub/irs-pdf/i1041.pdf

Answers are easy. Questions are hard!

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