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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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I have a trust that closed last year and was distributed between

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I have a trust that closed last year and was distributed between me any my sisters. The trustee has confirmed the accountant said the distribution was not taxable, and would be sending K1 forms soon. K1 forms have not shown up yet. Since the distribution is not taxable, could I just go ahead and file my taxes without the K1 form?


Hi and welcome to Just Answer!

The schedule K-1 should be provided on or before the Form 1041 is due (which is (March 7, 2011)

As long as you do not expect any additional TAXABLE income - I do not see any issues if you just go ahead and file your tax return.

If for any case you will get a schedule K-1 - and it will report either additional taxable income and/or deductions the trust passes on beneficiaries - you will be able to amend your tax return and claim those.

Let me know if you need any help or clarification.



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