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.