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Level 3
April 14, 2024
Question

1041 with no distributions

  • April 14, 2024
  • 1 reply
  • 3 views

GM

one more day!!

Clients father passed and there was a IRA distribution of about $75k with $14k wittheld.  This distribution had the estate EIN on it.

There were no distributions.

Does the Estate pay taxes at the high estate tax return rate or is there some kind of exclusion?

TY

 

 

 

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1 reply

abctax55
Level 15
April 14, 2024

1) Yes

2) No

HumanKind... Be Both