I received a K-1 for my late father’s estate, which is in the process of settling, but based off the distributed income of roughly 300k on the K-1, after filing i owe about 60. The thing is, i don’t have that money, it’s in a trust not to be given to me for at least 5 years, how am I supposed to pay this tax on income I haven’t received? Apologies for my obtuseness, this is my first time doing taxes and I’m a little flustered by this whole situation.
K-1 taxed despite being in trust?
byu/i-am-the-cool-guy intax
Posted by i-am-the-cool-guy