USA Estate income tax reporting - charitable beneficiary

Joined
Jun 29, 2015
Messages
1
Reaction score
0
Country
United States
I am preparing the initial Estate income tax return, form 1041. The decedent bequeathed 25% of the Estate to a charity and 75% to non-charitable individuals. There was a preliminary distribution in Year 1. The balance of the Estate's net assets will be distributed in Year 2. Do I report a charitable deduction on Schedule A for the amount distributed to the Estate and prepare Shceduke K-1's for the non-charitable beneficiaries or does the Charity also receive a Schedule K-1, which would give the charity a share of distributive items, e. g., portfolio income, administrative expenses?
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

No members online now.

Forum statistics

Threads
11,775
Messages
27,839
Members
21,814
Latest member
alea2024

Latest Threads

Top