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I have a trust that closed last year and was distributed between

me any my sisters....
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?
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Answered in 36 minutes by:
3/1/2011
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,148
Experience: Taxes, Immigration, Labor Relations
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LEV :

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.

Customer:

Thanks!

Lev
Lev, Tax Advisor
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