My dad had an estate set up. The only funds that passed thru it were one deposit for $4,670.16 from Genworth Financial which was for the...

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Welcome to ExpertHelp.  My name is Barbara, and I am an IRS Enrolled Agent with over 20 years of tax preparation experience.

Did the estate receive the reimbursement from Genworth?  If so, the amount gets included on the estate return which issues the appropriate K-1s.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Gil,

If you are the beneficiary of an estate that is required to distribute all its income currently, you must report your share of the distributable net income, whether or not you have actually received the distribution. 

If you are a beneficiary of an estate that isn't required to distribute all its income currently, you must report all income that is required to be distributed to you currently (whether or not actually distributed), plus all other amounts paid, credited, or required to be distributed to you, up to your share of distributable net income

See the following link for the full text and futher details:

https://taxmap.irs.gov/taxmap/pubs/p559-004.htm

Gil,

If the Executor pays bills in advance he/she is entitled to be reimbursed from estate funds when those funds are available.  So if all of you were the Executors (which) is usually not the case then they should reimburse themselves for the advanced funds.  If only one person is the executor I would reimbursed the Executor then he/she can reimburse the others.

Victor Santucci  EA

Gil,

Do you further assistance with your orginal question?

Victor Santucci  EA

I will get back to you in a few minutes

Gil,

line 10 of form Schedule K-1 (Form 1041) 

Victor Santucci

sorry .. wrong reference.

Line 14 I - Other Information - Amounts reported in Box 14, Code I represent a taxpayer's portion of other items of information not found elsewhere on the Schedule K-1 (Form 1041) Beneficiary's Share of Income, Deductions, Credits, etc. 

Gil,

I just phoned you and left a message.  Please contact ExpertHelp and have them reassign the case.

Victor Santucci

Is this the form?  I cannot locate line 15

Gil,

OK - Yes for the Estate Tax return - 1041 (not K-1) - you can use to  report the numbers BUT according to the form you provided no filing is required.

Not every estate is required to file Form 1041 for income earned. If the estate has no income producing assets or the annual gross income is less than $600, no return is necessary. The only exception is if one of the beneficiaries is a nonresident alien. In that case, the income total does not matter, and a return must be filed. The executor or personal representative of the estate must file the return

Victor Santucci  EA