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Does an Illinois estate have to file a 1041 and schedule K, if the estate has not paid out to beneficiaries but interest and dividend income earned?

gbellny
Level 1

There were no tax filings for 4 years and income was earned each year and final estate distribution will happen this year. 

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IRonMaN
Level 15

Distributions don't determine filing status, but receiving income does.  Unless the income was real piddly, it sounds like there should have been returns filed over the years.


Slava Ukraini!

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6 Comments 6
IRonMaN
Level 15

Distributions don't determine filing status, but receiving income does.  Unless the income was real piddly, it sounds like there should have been returns filed over the years.


Slava Ukraini!
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gbellny
Level 1
Returns and tax paid? Who should pay it? The estate or the beneficiaries through a K1? For each year...
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IRonMaN
Level 15
If income was distributed, the beneficiaries pay.  If not, the estate pays.

Slava Ukraini!
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George4Tacks
Level 15

Maybe a stupid question, but why did you ask here? Illinois has all that on their website. https://www2.illinois.gov/rev/questionsandanswers/Pages/73.aspx


Here's wishing you many Happy Returns
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gbellny
Level 1
I was more interested in the Federal requirements. Probably  didnt need to add Illinois description.
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George4Tacks
Level 15
Read the instructions, it is all there. https://www.irs.gov/pub/irs-pdf/i1041.pdf

Here's wishing you many Happy Returns
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