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Overpaid taxes on inheritence. 1040 K-1 what to do?
Am I entitled to the overpaid amount in taxes? How do I go about this?I have an IRS K-1 that lists $9500 in box 13a (2003) form. What do I do with it?
considering everything else with my taxes is OK, am I entitled to this money back in a refund check?
3 Answers
- Anonymous1 decade agoFavorite Answer
Did you itemize in 2003?
What was your AGI? If you subtract 2% of your AGI from $9500 was anything left? That would have been added to your schedule A. Your taxes would only have gone done if you could itemize. (I figured you might feel better if you didn't really lose anything.)
As for amending, you can only amend your 2003 return if you were still paying taxes on it within the last years. The regular 3 year statute is expired.
- 1 decade ago
I would advise against a place like h &r block unless you absolutely know nothing about taxes, they will do the minimum for you and get you out the door. If you have a friend who is a tax lawyer you may want to ask them but otherwise find out howe much one costs they are the true tax experts.
- OthnielLv 61 decade ago
Take your K-1 to H & R Block and let a Senior Tax Pro advise you.
Source(s): Seasonal tax pro
