If I've already filed joint return using TurboTax Home & Business, and owe Federal taxes, how do I amend if I just received K-1 indicating beneficiary loss from estate?

rpulliam3 — Sat, 01 Jun 2019 18:22:36 GMT

I had already e-filed joint return using TurboTax Home & Business. I owed federal tax and it is scheduled to be debited on April 15. As a beneficiary, I received an inheritance following the auction of my parent's estate. Today I received a K-1 (Form 1041) indicating an alternative minimum tax adjustment (credit), because a portion of gross proceeds from estate were paid to auction company. I suspect that because it indicates a -negative tax adjustment, it isn't going to cause me to have to pay more in taxes. Do I have to file an amended return? And, if so, could I expect to ultimately receive that amount as a refund? In other words, I'm not sure it's worth the hassle to amend if I don't have to. For what it's worth, the loss indicated on K-1 is around $3k.

"Do I have to file an amended return?" The best way to h...

Anonymous_ — Sat, 01 Jun 2019 18:22:37 GMT

"Do I have to file an amended return?"

The best way to handle this scenario is to back up your current .tax2018 file (save it to a flash drive or some other location), and then enter the K-1 using a copy of your .tax2018 file and see if it makes a difference. If so, you can amend.

topic If I've already filed joint return using TurboTax Home &amp; Business, and owe Federal taxes, how do I amend if I just received K-1 indicating beneficiary loss from estate? in After you file

If I've already filed joint return using TurboTax Home & Business, and owe Federal taxes, how do I amend if I just received K-1 indicating beneficiary loss from estate?

"Do I have to file an amended return?" The best way to h...

topic If I've already filed joint return using TurboTax Home & Business, and owe Federal taxes, how do I amend if I just received K-1 indicating beneficiary loss from estate? in After you file