- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Got K1 from a 2016 estate. It has bond interest $8,000. Must amend my 2016 return and pay interest and penalties? Can I claim on 2019 return instead? No distribution yet
Executor just filed the estate tax return. I have yet to receive any cash distribution from the estate.
Topics:
3 Replies
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Got K1 from a 2016 estate. It has bond interest $8,000. Must amend my 2016 return and pay interest and penalties? Can I claim on 2019 return instead? No distribution yet
What year is on the K-1---2016 or 2018?
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Got K1 from a 2016 estate. It has bond interest $8,000. Must amend my 2016 return and pay interest and penalties? Can I claim on 2019 return instead? No distribution yet
No. Don't amend your 2016 return yet.
There are two issues to consider:
- For what year is the executor filing the estate return?
- If they are filing a 2016 return for the estate, then amend your 2016 return when you get the distribution.
- If they are filing a 2018 return, include the K-1 in your 2018 return (see below).
- Contact the executor of the estate and ask when he/she plans to distribute the bond interest. It should be soon since they filed the estate tax return saying that the distribution has already been made.
- If you receive the distribution before you file your 2018 return, include the K-1.
- If you haven't received the distribution by the time you file your 2018 return, do not include the K-1 information in your return. You can amend your 2018 return when you receive the funds.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Got K1 from a 2016 estate. It has bond interest $8,000. Must amend my 2016 return and pay interest and penalties? Can I claim on 2019 return instead? No distribution yet
Thank you for responding. I have not yet received a distribution but wonder if the interest charged will continue to build until I pay the tax, interest and penalty.
Still have questions?
Make a post
Or browse the Forums