Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

FORM 1041 K-1

sherfegl
Level 3

Can any one tell me if federal k-1 form 1041 estate other portfolio income (line 5) is taxable to Pa?

 

0 Cheers
10 Comments 10
Just-Lisa-Now-
Level 15
Level 15
why wouldnt it be taxable to PA?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
sherfegl
Level 3

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.

0 Cheers
Dusty2
Level 7

Unless you have an RK1 that shows the money is not taxable yes.  It will show up on the est/trust worksheet.

 

Dusty

sherfegl
Level 3

Thank you all very much.

0 Cheers
sjrcpa
Level 15

Inheritance tax is totally separate from income tax.

The more I know, the more I don't know.
0 Cheers
sherfegl
Level 3

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.

0 Cheers
sjrcpa
Level 15

Inheritance tax is paid on the value of assets at the time of death.

Income tax is paid on income earned by those assets.

The more I know, the more I don't know.
0 Cheers
BobKamman
Level 15

Probably taxable to Ma also.  But if this is a Pencilvania question, isn't that where @PATAX is located?

0 Cheers
sjrcpa
Level 15

Took me a minute to get that.

The more I know, the more I don't know.
0 Cheers
taxes96786
Level 9

Read the PA K1 instructions

 

0 Cheers