I received a schedule k-1 (form 1041) Benefeciary Share of Income, Deductions, Credit.
Does this form mean that I must add the amounts on the form to my personal taxes and if so why? I have received no money from the closed probate.
Answer
This being a tax question, please consult an accountant or a probate attorney specializing in tax implications of benficiary 1041 statements that may apply to you and your personal income taxes.
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