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New Member
posted Apr 14, 2023 11:00:25 AM

When filling in K-1 to file my inherited money, Turbo tax didn't give me the question "was this inheritance?" and is saying I owe $6000 when I should owe nothing

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1 Best answer
Level 15
Apr 14, 2023 11:22:44 AM

If you are entering a K-1 (1041) you received, you will not get the prompt to which you referred.

 

The K-1 will have the income or gain that you are required to report, the basis for the latter (gain) will have been taken into account when the actual Form 1041 was prepared.

1 Replies
Level 15
Apr 14, 2023 11:22:44 AM

If you are entering a K-1 (1041) you received, you will not get the prompt to which you referred.

 

The K-1 will have the income or gain that you are required to report, the basis for the latter (gain) will have been taken into account when the actual Form 1041 was prepared.