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1041 Trust Final Excess Deduction
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mysanity88
Level 1
04-01-2024
05:53 PM
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I am working on a first and final 1041 for a trust. The trust only held a small bank account and a home that was sold at a small gain.
The deductions from the estate lawyers report include the items below, so a excess deduction will be generated.
- Trustee fee of $18,000
- Attorney fee of $3000
The trustee above is also a beneficiary of the trust. Does that trustee fee still qualify as a fiduciary fee (Form 1041 line 12) given this relationship? In my understanding the itemized fees would flow to K-1 line 11a for each beneficiary as a deduction for AGI.
Am I overthinking this one?
