I just received a packet of schedule K-1 forms from my late mother's living trust. I received it in the mail on April12. I logged into my account and selected to file an amendment. I see where it says, "this K-1 is for..." and then there's a button for "me", "spouse", and "both of us". But I have four children that also received a K-1. What to I select to enter their tax information?
The four for the four children are not required to be filed if they are minors and they show less than $2600 in income. If they have more than $2600 in income they are required to file a tax form attached to your tax return. Form 8615 calculates their tax rate using your tax rate so that they pay taxes on the income at the same tax rate that you do.
If the children are not minors then they must file their own tax return (still with that $2600 limit unless they have other income) and add this to it.