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I got about 8,000 from an aunt who passed away this year.

Hello, I got about 8,000...
Hello, I got about 8,000 from an aunt who passed away this year. yesterday I got a letter from the attorney with a kansas form k-1 beneficiary share of income deductions credits. in part III item 1 an amount of 1,777 and in box 14 code e with 1778 and code i with 1773. I had thought since I got this money this year I would not have to claim anything last year. the 1700+ amount is about 20% of what I got. There were about 50 of us that my aunt left money too so it was a significant total amount. what do I need to do here and why is the amount 1700+? Thanks
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3/17/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,624
Experience: 15years with H & R Block. Divisional leader, Instructor
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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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Box 1 is the interest on the investments earned. You report that as interest on your return. Form 1040, line 8a

Box 14 contains other information. The codes identify the source. Code "e" means Net investment income and you report on Form 4952, line 4a. The code "i" would have meant there were instructions also listed on the K1 for you about that. Look to any attached statement for that.

If that K1 lists 2017 then you must report that on the 2017 return.

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Customer reply replied 1 month ago
I have to report 1700+ in interest on 8000 I got? that doesn't seem mathmatically correct? about 21%?

The initial amount was not taxed because it was not earned or generated by whatever investment generated the interest.

Think of it like a savings account, you are not taxed on the amount you actually put in if you take it out, just the interest earned. The initial invested amount was already taxed.

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Customer reply replied 1 month ago
will I get taxed about the same amount then this year or I will it be 8000 added to my income?

It should just be the $1777 added as you mentioned nothing of the $8000 on the K1. You report what is listed on the K1 not the $8000 unless you have some other reporting document for that.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,624
Experience: 15years with H & R Block. Divisional leader, Instructor
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Customer reply replied 29 days ago
Hi Robin, so trying to enter this info on the K1 I received on this question. It is asking me if I disposed of my entire interest in the estate where this money came from. Since my aunt died in 2017 I would think the answer to this is yes, can you help with that?

If this is the final 1041 and K1 then that is marked as final. If you are expecting nothing else the answer would be yes.

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Customer reply replied 29 days ago
thank you
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