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Selected incorrect beneficiary when entering an Estate K1

I mistakenly selected my husband as the beneficiary for a K1 I received for an inheritance on our income tax last year.  ( the actual K1 is correct).   I have amended the return To have my name and SS# but Turbotax says I have not made any changes and also the K1 is not in the list of forms Turbotax selects to print out.  I can print out the changed K1 by going through 'Forms'.   I thought this would be an important thing to correct but now I am wondering if I really need to because I guess changes are only recognized when numbers change?   What should I do?

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1 Reply
AnnetteB6
Expert Alumni

Selected incorrect beneficiary when entering an Estate K1

If you filed a joint tax return, then it is unlikely that anything material would change by amending the return to correct the ownership of the K-1.  That is why there does not appear to be any changes to the return when you corrected it.  

 

Many income and deduction items on a joint tax return do not retain a particular person's ownership when they are reported on the return.  It is doubtful that leaving the return as it was filed will cause any future issues.  You are aware that it was incorrect and you have the documentation in hand in case it is ever questioned.  Just keep it with your tax records.  

 

For more information about when an amended return is required, take a look at the following TurboTax article:

 

Do I need to amend?

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