hello all-
My Aunt died and left a large sum of money, $40,000. I was assured by the executor that I would get the full amount and that all the taxes were paid. I'm in Ohio which I've heard has no inheritance tax.
Anyway, I did get the full $40k, but I also got a K-1 for a Form 1041 (didn't get the 1041). It says on Line 5 that I have "Other portfolio and nonbusiness income" of $10750. The executor said that it was because the money was in a checking account. There was also an "Estate tax deduction" of $400 on Line 10.
So, now I'm doing my taxes in TurboTax and when I entered these two tidbits, my refund tracker dropped over $1500!!!
Can anybody explain what's happening to me????
(I don't really trust the executor to ask him)
Oh, and the K-1 says in a Note that "A statement must be attached showing the beneficiary's share of income and directly apportioned deductions from each business, rental, real estate, and other rental activity." I ONLY got the K-1. Should I have that?
My Aunt died and left a large sum of money, $40,000. I was assured by the executor that I would get the full amount and that all the taxes were paid. I'm in Ohio which I've heard has no inheritance tax.
Anyway, I did get the full $40k, but I also got a K-1 for a Form 1041 (didn't get the 1041). It says on Line 5 that I have "Other portfolio and nonbusiness income" of $10750. The executor said that it was because the money was in a checking account. There was also an "Estate tax deduction" of $400 on Line 10.
So, now I'm doing my taxes in TurboTax and when I entered these two tidbits, my refund tracker dropped over $1500!!!
Can anybody explain what's happening to me????
(I don't really trust the executor to ask him)
Oh, and the K-1 says in a Note that "A statement must be attached showing the beneficiary's share of income and directly apportioned deductions from each business, rental, real estate, and other rental activity." I ONLY got the K-1. Should I have that?
