How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask rramsook Your Own Question
rramsook, Enrolled Agent
Category: Tax
Satisfied Customers: 307
Experience:  Specialize in Individual,Corporate, and payroll tax matters.
Type Your Tax Question Here...
rramsook is online now
A new question is answered every 9 seconds

I received a K1 form from my grandmothers trust. i entered

Resolved Question:

I received a K1 form from my grandmother's trust. i entered the information as I thought I was suppose to into turbo tax and it took over half of my refund and it was also more than the amount of the k1 amount. My sister only received half of the trust amount so her k1 amount was half of what mine was and her refund amount didnt change at all. Do you think that I entered something wrong and should have someone look at it and file an amendment?
Submitted: 5 years ago.
Category: Tax
Expert:  rramsook replied 5 years ago.

rramsook :

Hello, income received from K-1 should flow over to page 1 of your 1040 tax return on line 17. Any interest and Dividend income will flow to lines 8 and 9 respectively on page 1 of 1040 tax return. Income received from K-1 will increase your AGI which will reduce your refund amount.

rramsook and other Tax Specialists are ready to help you