Comments on: I Received a K-1. What Is It?

By: Smiller

Smiller — Tue, 09 Apr 2013 18:20:39 +0000

Getting my 2012 taxes done today but still haven’t received a k-1. should I wait for it, file for an extension or estimate or do an amended filing later? Don’t these partnerships have to get us these k-1′s before April 15th?
Thank you for your help
Sm

By: Brian

Brian — Tue, 09 Apr 2013 15:47:14 +0000

My Grandmother past away in 2004 and in her will she left a trust to the 3 grandchildren, me included. The will stated that we were not to receive our third until we turned 30. I turned 30 March of 2012 and the following January (01-2013) I received paperwork from the trust holders to initiate the transfer of my share. I’ve received the check and deposited it into my savings account for the time being. My wife and I would like to pay off some student loans with a portion of it but I’m not sure how much to save back for the following tax year. Is there a ballpark figure on what to hold out? Are we talking 15% of earnings or 15% of the entire disbursement? Any help would be appreciated. Thanks,

By: rk

rk — Sun, 07 Apr 2013 02:59:57 +0000

Hi! I received a K-1 with Code C for “other distribution” on line-19. This is from a firm which invests in shares from secondary-market (pre-IPO) and when the shares went IPO, the purchase amount is set to distribution amount on K-1.
I have already filed my tax-return with the K-1 but without the distribution amount. The distribution amount does not seem taxable since the sales of the shares was accounted on Schedule-D.
I ran turbo-tax with amendment and the net change in Federal and California taxes seems zero.
I want to confirm that I do not need to file an amendment due to this distribution on K-1.
Thank you.

By: Sue

Sue — Thu, 14 Mar 2013 01:51:00 +0000

I received a Schedule CT K-1 which includes a tax liability amount in Part III, line 1. However, when I use the non-resident CT return in TurboTax, after entering my ordinary income from the CT K-1, a different tax liability is calculated. Additionally, there does not appear to be a CT K-1 form in TurboTax. How do I include the information from Part III, line 1 in my CT return?

By: TurboTaxLisa

TurboTaxLisa — Sun, 17 Feb 2013 08:42:48 +0000

Hi Donna,
Sorry about your loss. The K-1 should have dates that it’s related to like 2009 or 2009-2010. You would file it in the year that it’s related to. So if it says 2009 you would need to amend your tax return for 2009.
Thank you,
Lisa Greene-Lewis

By: Al

Al — Sat, 16 Feb 2013 23:02:09 +0000

TT instructions indicate that info in boxes 13, 16 and 20 must be manually entered. Box 13 has T numbers from T1 to T8, box 16 has a series E, J, M, A. Box 20 has Y1 to Y4. Where do tey all go.

By: Donna

Donna — Thu, 14 Feb 2013 23:42:19 +0000

My mom passed away in 2009. Everything was in trust. Just recently, we finally sold the house. the trust has been dissolved. I never received a K-1 before. Last week I received a K-1 for 2009 listing interest income, etc. with no explanation of what the interest was for. I was not the trustee, just a beneficiary. How do I file this form? Do I file it with my current year taxes or do I need to amend my 2009 return?

By: Tiffany

Tiffany — Mon, 11 Feb 2013 15:57:07 +0000

What do I do if I filed my K1 and it keeps asking for trust and estate tax numbers and beneficiaries. I don’t have a trust or beneficiaries??

By: raul

raul — Mon, 11 Feb 2013 07:24:23 +0000

i recieved my k-1 in late 2012 for the 2011 year. What steps do i take to amend? I never done this before.

By: Bob

Bob — Sun, 03 Feb 2013 21:49:13 +0000

We live in Maine and received a K-1 for income from a limited partnership in Wisconsin. Are we required to also file a Wisconsin state return in addition to our Maine state return? Or can we claim that income on our Maine state return. It looks like Turbo tax is telling me I do have to file a Wisconsin return. But it also looks like Maine is claiming taxes for that as well.

By: Gene Matthews

Gene Matthews — Fri, 25 Jan 2013 20:35:42 +0000

My 2011 Schedule K-1 (Form 1065) zeroed out my capital account and I am unsure if I need one for the 2012 return. If the partnership id defunct do I need a K-1 for 2012?

By: FJJ

FJJ — Fri, 25 Jan 2013 17:55:34 +0000

I received a k-1 from my father’s estate. I went through the questions in TT. Box 11 had A, C, D and the amounts. While TT reviewed, it was flagged for a detailed explanation on line 21 of my 1040, concerning box 11 D ~ $205.00. I have no idea what to put as an explanation. I don’t know where else to look for help. Thanks.

By: TurboTaxLisa

TurboTaxLisa — Mon, 15 Oct 2012 21:29:26 +0000

Hi Mike,
Since K-1 for the estate ended on March 2012 and income from the estate is reported to you in 2012, you need to report it on your 2012 tax return.

Thank you,
Lisa Greene-Lewis

By: Mike

Mike — Mon, 15 Oct 2012 03:59:46 +0000

I received a 2011 K-1 in late March 2012 as a beneficiary of an estate. The K-1 listed the full amount I received from the estate even though I received only 55% of the money in calendar year 2011. The other 45% I received at the same time as the K-1 (March 2012). Do I have to report the money I received in March 2012 on my 2011 tax return?

By: TurboTaxLisa

TurboTaxLisa — Sun, 14 Oct 2012 19:59:43 +0000

Hi Brian,
Your K-1 should indicate if it is a final K-1 by a check mark. If it is not indicated that it is final and there are no amounts in box 11 then answer “no”. You can also check with the trust administrator to make sure.
Thank you,
Lisa Greene-Lewis

By: TurboTaxLisa

TurboTaxLisa — Sun, 14 Oct 2012 19:50:44 +0000

Hi B,
K-1s are used to pass through amounts to individual parties who have interest in the entity. I’m not sure what type of K-1 you have (trust,estate,partnership), but you are supposed to report income and deductions from those entities on your personal tax return.
Thank you,
Lisa Greene-Lewis

By: B

Wed, 03 Oct 2012 03:50:04 +0000

I received a K-1 as I have for years and filed them as they were presented to me. Now the accounting firm that issued them is saying they made a mistake for the last 4 years and I received more deductions than I should have & that it is my fault for filing the K-1! That they want to file an amended return for the last four years all at once to fix the accounting mistake. Isn’t this a mistake they should be liable for?

They are claiming that the K-1 is for “informational purposes only”.

Any thoughts here?

By: Brian

Brian — Mon, 01 Oct 2012 22:01:58 +0000

I received a K-1 (Schedule 1041) for a Survivor’s Trust for calendar year 2011, and am amending my 2011 return (already submitted & rec’d). At the step where TT asks if this is the final K-1 expected to be rec’d, there is a note to answer “yes” if there is an amount in box 11. There is no amount in this box (Final year deductions); does that mean I should answer “no”? Thank you.

By: TurboTaxLisa

TurboTaxLisa — Mon, 04 Jun 2012 20:01:01 +0000

Hi Hamza,
We are glad you enjoy it. Check back for more interesting topics.
Muchos Gracias,
Lisa Lewis
http://blog.turbotax.intuit.com

By: Hamza Benites

Hamza Benites — Tue, 29 May 2012 22:32:41 +0000

Muchos Gracias for your blog article.Really thank you! Much obliged.