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Level 1

Question

How to file Form K-1

Forum|Forum|4 months ago
March 25, 2026
1 reply
84 views

I have a family member who died in October 2025. I did not know I was part of a trust until March 2026, and I already filed my taxes. Do I need to do an amended return or wait until I file in 2027 for 2026, since the funds are being distributed in 2026?

Level 15

You would only need to amend your return if you received a schedule K-1 from the trust of the deceased for the tax year of 2025 reporting income that belonged to you. The distribution of funds would not necessarily create taxable income, as inheritances are not necessarily taxable. You would typically only pay tax on your portion of income the trust earned after it was created.

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