Estate Income Tax Return I'm not sure if this is the correct forum for the following question. If not, please direct me to the right one.
I am the executor of my mom's estate. The only asset is a money market (essentially cash) account. As this is small estate, I did not have to file a Form 706. This question is about the estate's income tax return. The only income in 2022 was a small amount of interest income.
In Feb. 2022 I distributed $1M to the beneficiaries. Only approx. $77K now remain.
Question: do I have to issue K-1's to the beneficiaries? Do I need to tell the IRS which beneficiaries received money and how much?
If not, will just a simple Form 1041 suffice?
Thanks for your help! |