Enter 1099 R as Simple Trust or Deceased Estate

Forum|Forum|1 year ago
March 14, 2025
1 reply
7 views

I have a client who is the executor of an estate and also the beneficiary of retirement accounts that were deposited into the estate account with the Estate EIN. There were withholding taxes taken out of this distribution which is good. Can I file this distribution as a simple trust and pass the amounts over to the beneficiary through the K1 or must it be filed as a deceased estate? The EIN does state "Estate." There is a will stating the beneficiary as a recipient of the funds and tax responsibility.

The individual died on 06.17.2024. Do I have to file by 03.17.2025 or file a 7004 extension?

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sjrcpa

Level 15

It's an estate. If there is also a trust, depending on what kind, you may be able to make a Section 645 election and only file one return.

The estate can have a fiscal year of 6/17/24-5/31/25.

Trusts are calendar year unless included as part of the estate with the election.

The income will flow out on K-1s if it is distributed. The withholding will not.

The more I know the more I don’t know.

D

dr58lj15Author

Level 3

Thank you for that information. If it is a fiscal year of 06.17.24 through 05.31,2025, do I have to file the 1041 by 03.17.2025 or do I have more time?

IRonMaN

Level 15

Step back and think about that one for a just a second.

Slava Ukraini!

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