If the Schedule K-1 is reporting Income, it will be applied to any other income (or loss) on your return, so could very well increase your taxable income and reduce your refund.
Depending on what type of income is being reported on the K-1 (rental? business?) the amounts may vary over the years, but yes, you should be prepared to have your total income increase each year.
Click this link for more info on Schedule K-1 for Trusts and Estates.
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