My Dad passed away without a will. Four siblings will receive $15,000. Two siblings are administrators of the estate. Out lawyer told us to file a fiduciary tax return (1041 - K-1) I am not an administrator of the estate. What do I need to do with my taxes?
Thanks.
Additional info:
I will be receiving a K-1. But, I did my taxes via Turbo Tax and did not see anything there that asked for this information.

An estate that has income in excess of $600 must file a tax return form 1041. If the estate has distributed income to the beneficiaries, it issues a schedule K-1 to document this. The beneficiaries who receive schedule K-1 must then report the amounts on their own individual 1040 tax returns. So, ask you're the executor of the estate, or the attorney, whether you will be receiving a schedule K-1 for tax year 2007.

Thanks.
Additional info:
I will be receiving a K-1. But, I did my taxes via Turbo Tax and did not see anything there that asked for this information.

Look in the section that takes you through income from trusts and estates. It should be there.

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Originally Posted by MargaretN

My Dad passed away without a will. Four siblings will receive $15,000. Two siblings are administrators of the estate. Out lawyer told us to file a fiduciary tax return (1041 - K-1) I am not an administrator of the estate. What do I need to do with my taxes?
Thanks.
Additional info:
I will be receiving a K-1. But, I did my taxes via Turbo Tax and did not see anything there that asked for this information.

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Any money or property you inherit, you don't pay any federal income tax. But there is an exception for Trad IRA or Retirement Fund.
Read: Your U.S. Tax Return: Tax on Inheritances

If the retirement fund withdrawal was a taxable income for your Dad, then it is need to be reported as income.
If the fund was withdrawn by the Estate, then the administrators must file Estate income tax return (not the Estate tax return).
If you inherited the retirement fund and withdrew the money, then it is your taxable income.