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G
Greta
Level 7
June 27, 2023
Question

K-1 simple trust with no beneficiaries?

  • June 27, 2023
  • 1 reply
  • 10 views

New client brought 2021 simple Trust 1041 with no beneficiaries, trust paid all the tax. How do I indicate that there are no beneficiaries in ProSeries?

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1 reply

IRonMaN
IRonMaN
Level 15
June 27, 2023

Are you saying "simple trust" as in easy to do or simple trust as in a simple vs complex trust?  Simple trusts are required to distribute their earnings.  Are you sure there aren't any beneficiaries?  What would be the purpose of a trust if nobody or nothing ultimately benefits from it?

Slava Ukraini!
    sjrcpa
    sjrcpa
    Level 15
    June 27, 2023

    Or maybe there was no distributable income.

    I'll do zero K-1s in this situation, but not everyone does.

    Of course you have the trust document so you know who the beneficiaries are and what the terms are. 😉

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