I inherited a relatively small amount of money from a trust after my grandmother passed away in 2012. The amount was well under the threshold of paying any estate taxes at either the federal or state level, so did not change my taxes due. However, the estate executor did not file the Schedule K-1 (Form 1041) until well after the tax filing deadline for 2012.
The form has the following information:
- (Field E) marked as "final form 1041 for the estate or trust"
- (Field H) marked as "Domestic beneficiary"
- (Fields 1-14, except field 5) -empty-
- (Field 5: Other portfolio and nonbusiness income): -the amount of my inheritance-
Now that I've received the K-1, do I need to refile/amend my tax return with the IRS, even though my taxes due will not have changed (since the estate was under the $3.5million threshold for 2012)?
Is it possible this was not the correct form for the executor to have used to report the inheritance?