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Level 1

Question

Schedule K1 (1041) dated for different year than distribution

Forum|Forum|3 years ago
March 19, 2023
2 replies
17 views

I received money as a one-time beneficiary of an estate in January of 2023. The K1 form I was given by the estate's tax preparer is dated for 2021 however. They're telling me I need to amend my tax return for 2021, but if I do so I'm going to be assessed penalties and fees for amending it. Is this correct?

Level 15

It's correct that you have to amend your 2021 return and include the K1.....you may have to pay interest if you owe more.

Level 15

You are not assessed penalties and fees for filing an Amended return, although you may owe tax (and interest) on the additional income.

Here's more info on How to Amend a Prior Year Return.

Your Reason for Amending is 'tax form received after tax filing deadline'.

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