K-! Schedule form 1041

Forum|Forum|6 years ago
May 20, 2020
1 reply
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After filing my 2019 taxes I received a K-1 Schedule Form 1041. It is mark final form 1014 for the estate or trust. It has $3.00 in 1 (interest income), $13,940 in 5 (Other portfolio and nonbusiness income), 12 has A 142 and J 142 and in section 14 E* 3 and H-13,940. My question is "is the amount in section 5 $13,940 taxable income as this was an inheritance from a trust of less the 1 million.

Best answer by Anonymous_

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Anonymous_Answer

Level 15

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Brian_5280

Level 2

Hello, I have a similar question, I received a Form 1041 Schedule K-1 and I've already file my 2019 taxes. There are only amounts listed in boxes 1 thru 2b and in 14, nothing in the others , the total amount is less than $3K. Do I still need to file and Amendment and if so will I need to change to TurboTax Business from the Premier version I have ? Thanks

DavidS127

Level 13

Yes, you should prepare an amended tax return, which you can do with TurboTax Premier. Click this link for instructions on how to file an amended return with TurboTax.

Follow the instructions carefully, you don't want to make changes until TurboTax has prompted you to do so. Once you are ready to make the change, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to begin entry of the Form 1041 Schedule K-1 you received.

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