"Gene E. Utterback, EA, RFC, ABA" <gene[at]alliancetax.com> wrote in message
news:gq0gne$3u3$1[at]news.motzarella.org...
- quote -


Well that's what I was thinking of doing-- figuring the estate (and the
beneficiaries) would be more likely to stay "under the radar" and not get an
extra hard look, much less an audit.

The amount of the estate's net income for 2008 was about $45,000 with 40,000
of this from the gain on an annuity.

--
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"Gene Bleuler" <eugen[at]nut.net> wrote in message
news:gq0a48$h0n$1[at]news.albasani.net...
- quote -

Maybe, I would prep and send one even if it had all zeros on it.

BUT I must ask, exactly what do you mean by "the estate will be taking all
the income"? Does this mean that the estate will be paying all the tax on
the income? If so, you should be aware that estates generally pay tax at
the highest individual rates once a minimal level of income is reached. So
having the estate pay the tax could cost much more than passing the income
through to the beneficiaries.

Gene E. Utterback, EA, RFC, ABA

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

I'm filling out the Form 1041 which is the first and last Estate Income Tax
return for someone who died in 2007. All monies have been distributed.

The estate will be taking all the income-- not allocating any to the
beneficiaries. So do I still need to submit Form K-1 with it?

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >