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    sammie8866's Avatar
    sammie8866 Posts: 1, Reputation: 1
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    #1

    Jan 24, 2010, 08:22 AM
    What is a k-i inheritance
    Yes, I received an inheritance and I need to know if Arizona places a tax on it and what is a k-1
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Jan 24, 2010, 08:39 AM

    Form 1041 (Schedule K-1) Beneficiary's Share of Income, Deductions, Credits, etc. It is just like 1099, and you may have to report income on your tax return. Your U.S. Tax Return: Tax on Inheritances

    If you provide more info about K-1 what box number have $ info, then some one can provide more info.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Jan 25, 2010, 08:23 AM

    There is no inheritance tax in AZ. The K-1 should report your portion of income that was earned by assets of the estate prior to the distribution to the heirs - typically this would be items like dividends and interest, which is reportable as income to you. As Mukata says, the K-1 specifies how much to report on your 1040.
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