Decedent’s Schedule K-1

If you are the executor of an estate and you have received a decedent’s Schedule K-1, then you have the responsibility to notify the S corporation of the name and tax identification number (TIN) of the decedent’s estate if the S corporation stock is part of a decedent’s estate. This is information that the S corporation must have to properly determine its eligibility to maintain status as a subchapter S corporation. If a decedent died in a prior year and the S corporation continues to send the decedent a Schedule K1 after being notified of the decedent’s death, then you should request that the S corporation send a corrected Schedule K-1. If you receive an interest in an S corporation by reason of a former shareholder’s death, you must provide the S corporation with your name and TIN. For treatment of S corporation income upon the death of a shareholder, see Pub. 559, Survivors, Executors, and Administrators.