I have a trust. I am the sole beneficiary. My mother set it up. The money I inherited from my mother went into that trust. In 2021 I filed a 1041 for the first time. Instead of having the 1041 generate a Schedule K-1 for me to include into my personal 1040 tax return, I had the trust pay the tax. I'm thinking now that was a mistake.
How to I use TurboTax business 2021 to Amend that 2021 1041 return to generate an associated Schedule K-1. Then I'll recalculate my 2021 personal 1040 to see if my amended tax liability is less. I understand that there will be penalties and interest on the amended 2021 personal 1040. Even still, it the long run it might save me some money.
