I thought inheritance income was not taxed on federal forms. I filled out schedule k-1 form 1041 and saw that my my federal refund was reduced by $500+. The k-1 form I received showed an entry in box 5 and a negative entry in box 14 with a code 4. The Turbotax program had no such code and added to my tax liability when I filled this out in the TT program.
Can anyone help me with this.
Thanks
Frank
