Can you say a little more. Is the K-1 from a trust? Is it a grantor or non-grantor trust? Are you the trustee? Or is the K1 from an investment vehicle (an LLC, partnership, etc.)?
This is a confusing question because you should not get a 1099-B in your name for the same income that you get a K-1 for. They are usually separate things.
Did you sell this investment (in the LLC, partership)? Is the K-1 marked "final?"
Also note that the gain is almost never the amount you receive. The gain is the proceeds (that's what you get) minus the basis (usually the cost). You are taxed on the gain which is not the proceeds or the cost. If the income is from an investment entity (LLC, etc.) what cash it give you may have no relationship to the income it throws off (passes through to you) on the K-1.
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