Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
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.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Re: 1041
1041
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Shorebird
Level 3
03-02-2021
05:14 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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?
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
2 Comments 2
BobKamman
Level 15
03-02-2021
05:50 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
