Schedule - K1


L

lurker

My spouse died September 2006. Browsing through tax program forms, I noticed Schedule - K1. Should I be using it for
anything?

Situation.

Spouse had no income other than earned interest (1099-int.)

My CASH FLOW:
My income is Social Security and
A Pension, etc. I have
1099-INT
Several 1099-Rs
Interest from seller financed mortgage and capital gain on same.

I Inherited some ROTH CDs.

I received a life insurance payment.

Does K1 apply to me?
 
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P

Paul Thomas, CPA

lurker said:
My spouse died September 2006. Browsing through tax program forms, I
noticed Schedule - K1. Should I be using it for anything?

Situation.

Spouse had no income other than earned interest (1099-int.)

My CASH FLOW:
My income is Social Security and
A Pension, etc. I have
1099-INT
Several 1099-Rs
Interest from seller financed mortgage and capital gain on same.

I Inherited some ROTH CDs.

I received a life insurance payment.

Does K1 apply to me?



Did someone send you (or her) a K-1?

A K-1 reports your (or her) share of income and expenses from a business (S
Corporation or partnership) or a trust or estate.


Does any of that ring a bell?







If you aren't preparing a business (C corporate or partnership) return or a
trust or estate return, you don't need to be touching that form.
 
P

Phil Marti

lurker said:
My spouse died September 2006. Browsing through tax program forms, I
noticed Schedule - K1. Should I be using it for anything?
My condolences on your loss.

No, the K-1 is used by other entities to pass income through to
shareholders, partners, heirs and beneficiaries. If you're acting as
administrator of your spouse's estate, your attorney will advise you if you
have to file a 1041 for the estate, which might have to issue K-1's to
heirs.

For your personal taxes, you will file a joint return with your spouse for
2006, including joint income as always.

Do make sure that any joint accounts that were under your spouse's SSN get
switched over to your SSN. This will prevent trouble in 2007 and after.
 
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L

lurker

Did someone send you (or her) a K-1?

A K-1 reports your (or her) share of income and expenses from a business (S
Corporation or partnership) or a trust or estate.


Does any of that ring a bell?







If you aren't preparing a business (C corporate or partnership) return or a
trust or estate return, you don't need to be touching that form.

No I did not receive anything.
I was curious since I am doing our Joint taxes and saw the form in the tax program.
 

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