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?

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.

Answer

"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.

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