My mother's parents each had trusts of which I was a beneficiary of. My mother was the trustee. This year, one of the trusts had its funds liquidated and distributed by my mother to my sister (also a beneficiary) and myself. I was able to use TurboTax Premiere to input the information from the K1 for this trust because it was for the year of 2016.
My mother found out that the other trust, which was liquidated in 2010 / closed that year, did not have returns filed correctly for it by the tax person who did the taxes that year. I have received an amended 2010 K1 form filled out by a new tax person my mother went to, but I only started filing my own taxes in 2015, as I recently graduated college. I was under 18 in the year 2010, and was a dependent until the middle of 2015. How do I file this amended K1 return from 2010 with capital loss if I wasn't even an adult in the year which the amended return is for?
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If the new K-1 from 2010 only shows losses, you are not required to file a return to report this.
However, if you do not file a return, you do lose any future benefit you may have had from the capital losses that were reported on the K-1. If these losses were substantial (whatever you consider to be substantial), it may be in your best interest to file a return for 2010 in order to take advantage of these losses in the future (captial losses that cannot be taken in a given year carry over indefinitely until they are used up).
Since you did not file a return in 2010, you would not file an amended return. Unofrtunately, TurboTax no longer has a tax package available for 2010, and you would most likely need to prepare a return using IRS-provided forms and instructions.
If you decide to do this and are able to, it may be a good idea to see if your local IRS office can help you fill out the forms. Please see this website (https://www.irs.gov/help-resources/contact-your-local-irs-office) to locate your local IRS office.
If the new K-1 from 2010 only shows losses, you are not required to file a return to report this.
However, if you do not file a return, you do lose any future benefit you may have had from the capital losses that were reported on the K-1. If these losses were substantial (whatever you consider to be substantial), it may be in your best interest to file a return for 2010 in order to take advantage of these losses in the future (captial losses that cannot be taken in a given year carry over indefinitely until they are used up).
Since you did not file a return in 2010, you would not file an amended return. Unofrtunately, TurboTax no longer has a tax package available for 2010, and you would most likely need to prepare a return using IRS-provided forms and instructions.
If you decide to do this and are able to, it may be a good idea to see if your local IRS office can help you fill out the forms. Please see this website (https://www.irs.gov/help-resources/contact-your-local-irs-office) to locate your local IRS office.
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