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Author: katiewa Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5741  
Subject: Confused on 1041 and 709 Date: 4/14/2011 5:46 PM
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Grandma died with a will in place. Had about $40K in three mutual funds. Still waiting for a couple of numbers, but looks as though the gain is about $300. Since this is below the $600, do I just not file the 1041? Or do I file to show that the $40K that was taken out by the administrator (my brother) is mostly her contributions (since what the mutual fund reports to the IRS is just the redemption of the funds)?

If I file to show the latter, when I get down to the Skip persons check box, I have to check "yes"--$5000 went to each of eight great-grandkids. So then do I have to do Form 706--which doesn't seem to apply either because of the dollar amounts involved.

Thanks

Kathleen
(x-posted on the Tax board)
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