Kea Posted March 26, 2009 Report Share Posted March 26, 2009 I may have to do an estate 1041 for a client this year. I've only done one previously and it was very basic. (My uncle had about $800 in interest after he passed before everything transferred to my father.) This new one should be fairly simple, but perhaps a bit more complex than my previous one. The main reason I'm interested in doing this is to learn more about the 1041 before I do the one for my father next year. His will be much more complex, but I will have the rest of the year to learn more about it. I've been reading the instructions for the 1041, but was wondering if there was a good overall reference. Maybe something like the Pub 17 for 1040s? I have a business Quickfinders from a few years ago when I thought I might expand my business to include partnerships, but I never did that. I'm looking for a good, basic overview. Any advice is appreciated. Thanks Quote Link to comment Share on other sites More sharing options...
RitaB Posted March 26, 2009 Report Share Posted March 26, 2009 I may have to do an estate 1041 for a client this year. I've only done one previously and it was very basic. (My uncle had about $800 in interest after he passed before everything transferred to my father.) This new one should be fairly simple, but perhaps a bit more complex than my previous one. The main reason I'm interested in doing this is to learn more about the 1041 before I do the one for my father next year. His will be much more complex, but I will have the rest of the year to learn more about it. I've been reading the instructions for the 1041, but was wondering if there was a good overall reference. Maybe something like the Pub 17 for 1040s? I have a business Quickfinders from a few years ago when I thought I might expand my business to include partnerships, but I never did that. I'm looking for a good, basic overview. Any advice is appreciated. Thanks Hi, Kea. I am about to do (only) my second one myself. Lawyer kept telling my client, "You don't have to do anything. The estate handled everything." I got the lawyer on the phone and asked him if HE was doing the 1041. "You don't have to do anything. The estate handled everything." Me: "Are you preparing the 1041?" Lawyer: "No." OK, there's a $7000 debt cancellation, sale of residence, sale of mutual funds... Anyway, I think we might check out Publication 559 and Publication 590. Hopefully, someone with more experience can help us out with more sources. Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted March 26, 2009 Report Share Posted March 26, 2009 If you belong to NATP, they have an excellent book you can order that they use in thir course. http://www.natptax.com/ taxbilly Quote Link to comment Share on other sites More sharing options...
Kea Posted March 26, 2009 Author Report Share Posted March 26, 2009 RCooper - Thanks so much. I'm printing pub 559 right now -- it looks very helpful. I'm not sure I'll need the 590, though. I don't think I'll have to worry about IRAs. Taxbilly - you snuck your post in while I was replying to RCooper. Yes, I am a member of NATP. Were you referring to "New Estates, Gifts and Trusts," or a different one? Thanks Quote Link to comment Share on other sites More sharing options...
RitaB Posted March 26, 2009 Report Share Posted March 26, 2009 RCooper - Thanks so much. I'm printing pub 559 right now -- it looks very helpful. I'm not sure I'll need the 590, though. I don't think I'll have to worry about IRAs. I'm not only a slow typist, I'm a bad one. It's Publication 950, not 590. Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted March 26, 2009 Report Share Posted March 26, 2009 RCooper - Thanks so much. I'm printing pub 559 right now -- it looks very helpful. I'm not sure I'll need the 590, though. I don't think I'll have to worry about IRAs. Taxbilly - you snuck your post in while I was replying to RCooper. Yes, I am a member of NATP. Were you referring to "New Estates, Gifts and Trusts," or a different one? Thanks No. The ones you need are: The Final 1040 & Estate 1041 - catalogue number 2844 Preparing Form 1041 - catalogue number 2850 taxbilly Quote Link to comment Share on other sites More sharing options...
Kea Posted March 26, 2009 Author Report Share Posted March 26, 2009 I wondered if it was a typo, so I tried 560 as well as 590 and didn't get very far. Estate tax publication is more relevant, but the estate tax limit is high enough that I don't have to worry about that aspect. Quote Link to comment Share on other sites More sharing options...
MontanaEA Posted March 26, 2009 Report Share Posted March 26, 2009 Definitely look at Pub 559. Quote Link to comment Share on other sites More sharing options...
Kea Posted March 26, 2009 Author Report Share Posted March 26, 2009 Thanks to everyone. I now have a good summer reading list. Quote Link to comment Share on other sites More sharing options...
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