FL CPA Posted May 26, 2020 Report Share Posted May 26, 2020 I don't do 1041s at all and have a family member that needs help with one. I have researched but still can't figure out where to include some income An individual passed away in an accident. Mother is the estate reporesentative The Estate receives about $80,000 from a personal injury settlement claim and will receive more money in 2020 from same claim is the $600 exemption gross or taxable? The 80,000 is not taxable. How do I include that nontaxable income in the return ?? NO Estate return is required Quote Link to comment Share on other sites More sharing options...
Lynn EA USTCP in Louisiana Posted May 26, 2020 Report Share Posted May 26, 2020 The 1041 is an “income” tax return. The $80,000 settlement is not reported on the 1041. But any interest, dividends, capital gains earned by the settlement funds are reflected on the 1041. Quote Link to comment Share on other sites More sharing options...
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