K1 and possible amendmet

[ladyc99]

Hello!

I received a K1 1041 from a Trust a couple days before tax filing and after I already filed. This was from a trust that I received no money from but was originally a beneficiary. I signed the money over to a family member, and I never received or touched any of the funds. I am unclear as to whether I need to amend my tax forms with any possible information from this K1 or whether I can just keep the form as a record. In section G, it reads under my name and address "No reportable amounts beneficiary [Number]."

Any guidance would be most appreciated!

[RobertB4444]

If there are no numbers in Part III of the K-1 form then there is nothing to report on your tax return anyway.  You wouldn't be able to amend the return with zeroes.

@Starseeds2002 

[ladyc99]

Thank you!

I am looking at the docs again and I see that what I was reporting was from 2 years ago. This year's has numbers in 5, 11, 14 —14 is a negative number.

I am also out of state and there is another document for that state (CA).

Any thoughts on this? Thanks for your help and patience!

[SharonD007]

Depending on what the amounts are, there may be an impact on your return so you should prepare an amendment and add your -K-1 to see if there is a difference.

Once your tax return is fully processed and you receive your refund or your balance due is deducted from your return, you can file an amendment. When you do your amendment to add your K-1, TurboTax will calculate your new refund or balance due based on your entries.

For more information and instructions, review the TurboTax articles How to Correct Federal Tax Returns, How to File an Amended Tax Return with the IRS and Video: How to Amend Your Tax Return.

As far as CA, it depends on the kind of CA income and the amount that you have.  Refer to the CA FTB publication Taxation of Nonresidents and Individuals Who Change Residency for additional information.