Schedule K-1 Form 2041

[debbyaegerter]

Today I received a Schedule K-1 for a Final 1041 for an estate.  I have already filed my taxes and have received a refund.  What do I do?

[tagteam]

You can provide more details on exactly what is included on the K-1 you received. 

If entry of the K-1 increases your federal or state tax liability, you will need to amend your return.

[debbyaegerter]

The K-1 is Beneficiary's Share on Income, Deductions, Credits

The following is included

on my K-1  in Box 11 there is:                                       Final year deductions

                                                                     11.   A*              681

                                                                              C                  12

                                                                              D             1,774

                                                                              E              1,774

                                                                                               Other information

                    in Box 14:                               14.   B*                     1

The box is checked for the final 1041 for the estate or trust

Nothing in any other of the boxes.

[sweattb]

I am waiting for a K-1 (which is a worthless investment) and I want to file because of the Coronavirus checks. I know there will be no income, maybe a loss. Is it necessary to file an amended return.

[CatinaT1]

If adding the K-1 makes no change to your balance due or refund, there is no need to amend.