While it did not change the tax situation for the trust return, it did change the K-1. It was recommended not to amend the trust return (per an online search) until the original return has had time to be accepted by the IRS. Since the K-1 will change the numbers on my 1040, I am trying to determine whether it will require I amend that return. I haven’t yet looked into the impact the altered K-1 will have on my personal return. I have an appointment with my financial planner coming up, who also prepares returns. I will verify with her whether an amended 1041 or 1040 will be necessary. From what I am seeing, you have 3 years to file an amended return. Sorry I couldn’t provide more direction in this area.
