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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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1041
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Shorebird
Level 3
03-02-2021
05:14 PM
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Decedent's assets were liquidated and reported on 2019 tax return.
There was no will and the Court hearing to set up amounts for relatives is April 27, 2021.
Income for 2020 is Bank interest below 600 so normally no need to file, except it may cause
a problem as no FINAL return would be filed until 2022. What should I do?
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BobKamman
Level 15
03-02-2021
05:50 PM
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What makes you think a return will be required for 2021? Are there carryover capital losses that you want to distribute to the heirs? Probably not much in "excess deductions on termination," which probably won't be deductible anyway.
IRS doesn't keep track of these things. I just got a call from a client for whom we filed a "Final" 1041 for 2019. He just received 1041-ES payment forms to use in 2021.
Shorebird
Level 3
03-03-2021
03:55 PM
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Thank you for your prompt response.
I remember reading somewhere that a 1041 is required for as long as the estate remains open (but I have not been able to find it again). That is why I think a return would be needed for 2021, especially as to also have no problem when requesting the termination letter from the IRS.
My hesitation is for having to charge my client for something, if it is not needed.
