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samurph
New Member

Interest income from schedule k1 form 1041 is income?

Family CPA told other members of my family that this was not taxable income. When I just finished my medical expenses it said my refund is still 0 because the amount on my schedule K1 form 1041 is reported as income.
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Accepted Solutions

Interest income from schedule k1 form 1041 is income?

Interest income from a K-1 that you received from 1041 is taxable income.

Your CPA may have been talking about the inherited assets being distributed to the family members which is not taxable income to them. 

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Interest income from schedule k1 form 1041 is income?

Interest income from a K-1 that you received from 1041 is taxable income.

Your CPA may have been talking about the inherited assets being distributed to the family members which is not taxable income to them. 

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