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Its April 3rd, do you know where your K-1's are?
Old 04-03-2012, 06:42 AM   #1
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Its April 3rd, do you know where your K-1's are?

Question, I have been waiting to receive a K-1 from the executors of my wife's parents estate. I don't believe it will show much income, just the interest that was earned from the date of death until the proceeds were distributed.

Unfortunately there is no communication between us and the siblings who are the executors (I'll leave it at that) , and with our taxes due in less than 2 weeks, what are my options? Do I just file my 1040 and forget about the K1? What if it shows up an 4/16? do I need to re-file? or are the executors on the hook with the IRS, not us?
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Old 04-03-2012, 06:47 AM   #2
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The income may have been included in the estate tax return, or the executors may have forgotten. You can file an extension (form 4868), just make sure to pay any tax owed now, or you can just file, and if a K-1 does appear, file an amended return.
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Old 04-03-2012, 09:03 AM   #3
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That is what I did after my mother's death. The K-1 from Bank of Hawaii (which held one of my mother's trusts) arrived in my mailbox on April 15th, and it was not expected at all. It was a big surprise to all of us, including the executor, estate attorney, and estate CPA who were all blindsided since Bank of Hawaii had lied been less than forthright in earlier communications.

Anyway, I had already filed my taxes by that time. I amended the return the following week and included the additional payment. When I amended, I gave as a reason that I didn't know I would be receiving a K-1. There were absolutely no repercussions or response at all from the IRS about it. I guess this happens a lot.
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Old 04-03-2012, 09:34 AM   #4
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I do not know if it is as easy as it was before, but WAY BACK when I did taxes you could choose the year end for an estate so it did not fall on 12-31.... this would mean that any distributions would not be included in 'this years' tax return, but the next year...

This made it easier for all parties as the estate did not have to hurry to get things done to send out K-1s...

But they were due (IIRC) by March 15th without an extension... you should have some idea of what would be on the K-1 because of distribution made to you...
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Old 04-03-2012, 09:36 AM   #5
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I have come to avoid investments that generate a K-1. They tend to show up late and can even cause tax problems when generated in an IRA.

In any case, You could either file now, paying what you think you owe (and amend later if necessary) or file for an extension.
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Old 04-03-2012, 10:20 AM   #6
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Say, you go ahead and file without a K-1, and the K-1 doesn't not change anything else in your taxes (no gain). Would you be required to send an amended return? If you are required to send an amended return, would you just send another copy of your 1040 along with Form 8582? Or would you have to send the entire return with Schedule A and Schedule D, etc.
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Old 04-03-2012, 10:25 AM   #7
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Say, you go ahead and file without a K-1, and the K-1 doesn't not change anything else in your taxes (no gain). Would you be required to send an amended return? If you are required to send an amended return, would you just send another copy of your 1040 along with Form 8582? Or would you have to send the entire return with Schedule A and Schedule D, etc.
I would go ahead and submit an amended return. I don't actually remember what that includes. If you use TurboTax, it will generate the paperwork you will need for an amended return. Basic TurboTax won't submit it online, but you can just print out the paperwork according to instructions and mail it in.
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Old 04-03-2012, 10:29 AM   #8
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Originally Posted by farmerEd View Post
Question, I have been waiting to receive a K-1 from the executors of my wife's parents estate. I don't believe it will show much income, just the interest that was earned from the date of death until the proceeds were distributed.

Unfortunately there is no communication between us and the siblings who are the executors (I'll leave it at that) , and with our taxes due in less than 2 weeks, what are my options? Do I just file my 1040 and forget about the K1? What if it shows up an 4/16? do I need to re-file? or are the executors on the hook with the IRS, not us?
Just estimate the total tax you owe, and file a 4868 with any payment. You then have until October 15 to file your 1040.

Be sure to also make any estimated tax payments you need quarterly- the April 15 one is easy to forget.

Ha
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Old 04-03-2012, 10:36 AM   #9
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The 1040X form for an amended return is relatively simple, just a few pages with key numbers. Generally you need to include a statement describing the reason for the change, but little else.
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Old 04-03-2012, 10:59 AM   #10
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Oh, I do not miss the days of waiting for a K-1.
I'd file for an extension and get on the horn to them about it.
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Old 04-03-2012, 11:46 AM   #11
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The 1040X form for an amended return is relatively simple, just a few pages with key numbers. Generally you need to include a statement describing the reason for the change, but little else.
The form for filing an extension is even simpler.
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Old 04-03-2012, 03:09 PM   #12
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The form for filing an extension is even simpler.
I get late k-1s often. Just file w an extension and an est. payment.
That has always been the easiest way for me.
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Old 04-03-2012, 09:32 PM   #13
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Quote:
Originally Posted by farmerEd View Post
Question, I have been waiting to receive a K-1 from the executors of my wife's parents estate. I don't believe it will show much income, just the interest that was earned from the date of death until the proceeds were distributed.

Unfortunately there is no communication between us and the siblings who are the executors (I'll leave it at that) , and with our taxes due in less than 2 weeks, what are my options? Do I just file my 1040 and forget about the K1? What if it shows up an 4/16? do I need to re-file? or are the executors on the hook with the IRS, not us?
I am dealing with this issue with my grandmother's estate. Under the advice of our tax advisor (CPA that has dealt with the family business for a number of years), we set up the estate to have a fiscal year staring the day after the date of death of the decedent, and then running 365 days. According to our tax counsel, this allows the estate to send out K1s after the end of the estate's fiscal year (not at December 31). This allows each heir to report their share of the estate income the following year (the year containing the end of the estate's fiscal year).

You might want to check w/ the executor to see if this is what they're doing, or if perhaps things are simply backed up and moving slowly.
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Old 04-04-2012, 09:15 AM   #14
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On a side note.... I got a few K-1s yesterday that I was not expecting... relating to my purchase of SLV... I did not know I would be getting a K-1...

But, since it was in an IRA, nothing to do....
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