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K-1 schedule versus 1099-R

I have received Form 1099-R from an insurance company for money I inherited through an estate trust.  I have also received from my brother (executor) a Schedule K-1 (1041) from the trust.Do need to include both in my tax return?

5 Replies

K-1 schedule versus 1099-R

Yes, the 1099R, if issued to you with your SSN on it, needs to be reported on your return.

The K-1 from the 1041 Estate also needs to be reported on your return.

To report the 1099R see below:

 To enter pension and annuity Payments (1099-R)

  • Click on Federal Taxes
  • Click on Wages and Income
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Retirement Plans and Social Security
  • On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

K-1 schedule versus 1099-R

I was afraid you were going to say that. I was due a refund UNTIL I entered the information from the K-1 schedule, now I owe big time.
Why doesn't the TT software explicitly ask about K-1 schedule info? When I entered information about the 1099-R it asked questions about the trust, but did not direct me to filling out information about the K-1.
New Member

K-1 schedule versus 1099-R

Be careful ... make sure that the 10099R and the K-1 are not for the same income...if they are, you should report each one and the make an adjustment on one of them to zero.......
New Member

K-1 schedule versus 1099-R

I have an annuity inside a Charitable remainder trust. I am the beneficiary of the trust. The insurance company

wants to issue me a 1099R for the annual interest, but the Trust wants to issue a K-1 for the interest I receive. If 

the trust owns the Annuity, shouldn't the insurance company send the 1099R To the Trust?



K-1 schedule versus 1099-R

Talk to the insurance company and  trust manager and iron this out ... only one of you will get the 1099-R or 1099-INT form not both.  

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