Level 5

Form 1041 K-1 and MA Schedule B/R questions

Forum|Forum|5 years ago
August 12, 2020
1 reply
10 views

I am working on duplicating a Form 1041 Estate Complex Trust Return, and I have two questions:

The Trust has not distributed any income to any of the 3 beneficiaries (all income is accumulated in the Trust):

1. Are Schedule K-1 forms showing zero numbers required to be generated with the Federal form 1041?

2. Form 2 (MA state), is Schedule B/R showing percentages of the 3 beneficiaries required if there is no distributions? I cannot get the software to generate these forms unless there are distributions. However, the return I am studying includes Schedule B/R with no income distributions and 3 schedule 2K-1 (with no income distributions), just showing names and tax id of all beneficiaries.

Thank you!

Sui

This topic has been closed for replies.

sjrcpa

Level 15

Are you duplicating the return in the same software with which it was prepared?

What software are you using?

Q1 - No. But you can issue zero dollar K-1s.

I don't know about Mass.

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

S

swongtaxAuthor

Level 5

I am using Intuit ProConnect for Business to try to duplicate a Trust Return that has been filed, to see if I can come up with the same tax numbers and Forms. (ProConnect is much less expensive than Proseries Business/but ProConnect clearly is horrible to use).

I don't think MA Form 2, Schedule B/R and Schedule K2-1 are required when there are no income distributions. I cannot even get the Schedule B/R (beneficiary/remainderman) page to come up unless I enter the % for the beneficiaries, and this will reflect as income distributed to the beneficiaries. If I enter zero %, then Schedule B/R will not be included.

On the return I am studying, it included Federal K-1 (zeros), MA Schedule B/R, zero income but with % designated with beneficiaries names, and three Sched K2-1 with all zeros.

Thank you!

Sui

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