Form 1041 first and final no DNI and distributions
Q. If there is no DNI do I need to report the disrtibutions on schedule B line 10?
Details: This is a first and final simple 1041 decedent estate. The only asset was a bank account. There was a little interest earned. The fiduciary took a small fee that resulting in a net loss. Then he paid out ~$800K to the beneficiaries in equal amounts to close out the accounts.
I entered the amounts as dollar disrtibutions to each beneficiary and the total shows up on the schedule B line 10. Since there is no DNI, there is no deduction for the distributions. Also, nothing shows up on the K-1s for the distributions (just the small 67e losses).
Is correct? Or do I even need to enter the distributions?
Appreciate your thoughts.
Thanks,
