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When my father died in late 2015, he left me money that was…

When my father died...

When my father died in late 2015, he left me money that was held in a trust by a trust company in Kansas. I live in Texas. the entire time I have been told that the money in that trust was entirely mine, yet they just sent me K-1 forms for my 2017 income tax and everything about k-1 says that it means the trust is a partnership which means there must be others and I do not know who they are or even my own share

Accountant's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

Kansas but I live in texas

Accountant's Assistant: Has anything been filed or reported?

You mean my income tax? I haven't sent it in for 2017 and I only now found out about the k-1

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

Yes. I have investments in fixed income but I have only had losses and my investment firm will not allow me to see if the balances are correct

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Answered in 3 minutes by:
3/13/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,180
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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The K1 you received, does it show this "Schedule K-1 (Form 1041) " in the upper left hand corner?

Please let me know

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Customer reply replied 4 months ago
it says
Beneficiary 1
Schedule K-1
(Form 1041)

That is not from a partnership that is a K1 issued by a trust.

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The amounts shown in boxes 1 through 14 reflect your share of income, loss, deductions, credits, etc., from an estate or trust.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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Did that clarify for you the K1 situation?

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Customer reply replied 4 months ago
my siblings' money wasn't put in a trust that I know of. the trust company said my dad put my share of the estate in a trust because i was single and had no children.
The reason i do not trust the trust company is that they told me I needed to get a P.O. box for a check for my part of the estate and it was only then that I found out it was in a trust and all they give me is an allowance

That is usually how a trust works. You are not allowed to take out any amount you want but based on how it was set up you receive distributions based on the person's wishes that set up the trust.

I can assure you the K1 is from a trust not any partnership. Partnerships do issue K1s also but different .

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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Customer reply replied 4 months ago
ok but then they told me that the money in the trust does not count in my net worth and that is so if I got sued in a wrongful death and lost everything, the money in that trust couldn't be taken. is that true?

A trust is generally protected form those types of law suits. It does not count in your net worth but the items passed to you are still taxable.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,180
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
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