BTW I am not an accountant but just inherited some $, also...

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HokieJay

...the K1 is not an inheritance tax. The money you inherited may have been invested in a partnership prior to transfer to you. The income generated from the time of the death of the person who left you the estate and the time of the transfer to you will probably generate 1099(s) and K1(s) for the income generated after the death and prior to transfer to you.

Posted: 04/15/2022 at 12:43 PM ET

(In response to this post by JoesterVT)

Thread Replies (17)

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Tax question...I think I need a guy. Lounge advice accepted/paying gig ava -- JoesterVT Apr 15, 2022 at 11:45 AM ET

JoesterVT • 04/15/22 11:45 AM ET

â€¦Dewey, Cheatham and Howe** -- chumley Apr 15, 2022 at 02:38 PM ET

chumley • 04/15/22 02:38 PM ET

Do you trust your wife? -- Tank Apr 15, 2022 at 01:48 PM ET

Tank • 04/15/22 01:48 PM ET

Get busy living or get busy dying.** -- HokieJay Apr 15, 2022 at 02:38 PM ET

HokieJay • 04/15/22 02:38 PM ET

Follow-up....was able to do an amended retuen w/Turbo, but get this... -- JoesterVT Apr 15, 2022 at 01:24 PM ET

JoesterVT • 04/15/22 01:24 PM ET

If you do not expect that extra unearned income you should not prepay... -- HokieJay Apr 15, 2022 at 02:43 PM ET

HokieJay • 04/15/22 02:43 PM ET

Well, in the documents Turbotax generated for paying the new 2021 tax... -- JoesterVT Apr 15, 2022 at 02:52 PM ET

JoesterVT • 04/15/22 02:52 PM ET

Turbo Tax just assumes you'll get it again and need to pay estimates. -- UEMcGill Apr 15, 2022 at 05:26 PM ET

UEMcGill • 04/15/22 05:26 PM ET

Prepayment is not mandatory, it is optional to avoid penalty. -- HokieJay Apr 15, 2022 at 03:58 PM ET

HokieJay • 04/15/22 03:58 PM ET

This guy will give you a nice discount... -- great2bahokie Apr 15, 2022 at 12:55 PM ET

great2bahokie • 04/15/22 12:55 PM ET

BTW I am not an accountant but just inherited some $, also... ◄ -- HokieJay Apr 15, 2022 at 12:43 PM ET

HokieJay • 04/15/22 12:43 PM ET

K1s can be a *****. How many taxable $ are we talking about?** -- HokieJay Apr 15, 2022 at 12:09 PM ET

HokieJay • 04/15/22 12:09 PM ET

I dunno...lots of numbers on different pages .. -- JoesterVT Apr 15, 2022 at 12:14 PM ET

JoesterVT • 04/15/22 12:14 PM ET

Well then yeah, refile. -- HokieJay Apr 15, 2022 at 12:30 PM ET

HokieJay • 04/15/22 12:30 PM ET

File a revised return** -- HokieJamie Apr 15, 2022 at 12:01 PM ET

HokieJamie • 04/15/22 12:01 PM ET

It's going to be a lengthy process -- jmanatVT Apr 15, 2022 at 11:54 AM ET

jmanatVT • 04/15/22 11:54 AM ET

Shouldn't he call Crimestoppers before going to the PD?** -- PhotoHokieNC Apr 15, 2022 at 11:57 AM ET

PhotoHokieNC • 04/15/22 11:57 AM ET

One option, (PITA) is to file a 1040X revised. TTax will let you. I know -- PhotoHokieNC Apr 15, 2022 at 11:53 AM ET

PhotoHokieNC • 04/15/22 11:53 AM ET