Thursday, August 18, 2011

Can someone help me w/ a K-1 ques? I got 37k when a family died. They cut a check to me, & I dont know the?

specifics of the will/probate, etc. This is the question. I got a K-1 from the accountant handling the situation. There are several boxes checked with amounts in it. 2a (ordinary dividends) - $355, 2b (qualified dividends) - $17, 4a (net long-term capital gain) - $5990, 5 (other portfolio and nonbusiness income) $2297, 14a (other information) - $15.... Some of the boxes they checked where E (check if this is the final form 1041 for the estate or trust). and H (Domestic beneficiary)..... My question is... Does this sound ok for a 37k check that was cut to us. We dont necessarily trust the person that handled the will, but we havent seen it. I thought that you dont necessarily pay taxes on small estates. Maybe we didnt how much we should have, etc... Any advise is appreciated.

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