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NZtJqrmn7z7
Returning Member

Amending a 2021 1041

I have a trust. I am the sole beneficiary. My mother set it up. The money I inherited from my mother went into that trust. In 2021 I filed a 1041 for the first time. Instead of having the 1041 generate a Schedule K-1 for me to include into my personal 1040 tax return, I had the trust pay the tax. I'm thinking now that was a mistake.

 

How to I use TurboTax business 2021 to Amend that 2021 1041 return to generate an associated Schedule K-1.  Then I'll recalculate my 2021 personal 1040 to see if my amended tax liability is less. I understand that there will be penalties and interest on the amended 2021 personal 1040. Even still, it the long run it might save me some money. 

 

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1 Reply
CatinaT1
Expert Alumni

Amending a 2021 1041

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