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halmerk
New Member

Just rec'd 2 K-1 forms for my wife's deceased parent's trusts. Taxes have been filed. 1 has a short term loss for 773 for 2016, other an 80 div. gain. What do I do?

Father died in 2007, Mother initial beneficiary.  Mother died in 2015.  Both trusts went to 5 children equally and settled in 2016.  Capital gains were paid for securities sold and dividends received in 2016 in our joint return.  K-1's did not arrive until 4/7/17...our taxes were filed in mid March.  Fathers K-1 has a short term capital loss of $773.00 and tax exempt interest for $26.00.  Mother's K-1 had ordinary dividend of $80.00 and "excess deductions on termination" of $197.00.

It appears these numbers will result in an additional small refund that I really don't care about.  DO I REALLY NEED TO FILE AN AMENDMENT??????

1 Best answer

Accepted Solutions
MichaelL1
Level 15

Just rec'd 2 K-1 forms for my wife's deceased parent's trusts. Taxes have been filed. 1 has a short term loss for 773 for 2016, other an 80 div. gain. What do I do?

I think you have already decided.  

"It appears these numbers will result in an additional small refund that I really don't care about."

IRS will match these up to the return, and then compute the tax, which in your case appears to be $80 income and some deductions, and if nothing is missing you probably will not hear and will miss out on a small refund.

If you do decide to file an amended return here are the instructions.

https://ttlc.intuit.com/replies/3288565

View solution in original post

1 Reply
MichaelL1
Level 15

Just rec'd 2 K-1 forms for my wife's deceased parent's trusts. Taxes have been filed. 1 has a short term loss for 773 for 2016, other an 80 div. gain. What do I do?

I think you have already decided.  

"It appears these numbers will result in an additional small refund that I really don't care about."

IRS will match these up to the return, and then compute the tax, which in your case appears to be $80 income and some deductions, and if nothing is missing you probably will not hear and will miss out on a small refund.

If you do decide to file an amended return here are the instructions.

https://ttlc.intuit.com/replies/3288565

View solution in original post

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