Can any one tell me if federal k-1 form 1041 estate other portfolio income (line 5) is taxable to Pa?
My thinking is the pa inheritance tax return that was filed.
I really don't know. I hoping someone has experience with this
and can guide me. I have been looking and researching
and I can not find anything definite.
Unless you have an RK1 that shows the money is not taxable yes. It will show up on the est/trust worksheet.
Dusty
Thank you all very much.
Inheritance tax is totally separate from income tax.
I only have a federal k-1, there is no pa k-1
I always thought if pa inheritance tax was paid, it shouldn't be taxed again.
Inheritance tax is paid on the value of assets at the time of death.
Income tax is paid on income earned by those assets.
Probably taxable to Ma also. But if this is a Pencilvania question, isn't that where @PATAX is located?
Took me a minute to get that.
Read the PA K1 instructions
