turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
IreneS
Intuit Alumni

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"
IreneS
Intuit Alumni

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:

  1. 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).
  • When will the funds be disbursed?
    • 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"

    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.
    message box icon

    Get more help

    Ask questions and learn more about your taxes and finances.

    Post your Question
    Manage cookies