K1 trust or estate

[laurelkingrodeoq]

The executor of my father-in-laws estate did not pay an Estate Tax.  She said that the kids who received an inheritance would get more money "in our pocket" if we paid the tax.  We received a partial part of the inheritance last year - but will not get the rest of it until later this year.  We will not get a K-1 until that time.  I have already filed my return for 2018 and would have to ammend the return, but I don't know what to do or when.  Can you help?

[MichaelL1]

If the K-1 comes later in 2019, then it might have a year end on it ending in 2019, and it would then go on the 2019 tax return.

You would then have a K-1.  It is somewhat common for a 1041 to have a fiscal year end, which does not end on 12/31 however you might want to ask the Executor as the K-1 for 2018 should have been given to you already.

[laurelkingrodeoq]

I'm sure that I probably should have received a 2018 K-1 for the $35,000 that was distributed last Nov.  I have asked the executor if I should have it by now and she said "probably" but that I would just get 2, one for 2018 & one for 2019 and I can just file an amended return for 2018.  Will I be penalized for it?  Also, where can I find out what the percentage that I will have to pay?  I can't find the answer on-line.  I live in Colorado

[MichaelL1]

Go to Forms mode and type in the search bar for a form and type in "What-if" and add $35K of income and it will tell you exactly what it will be.