Filing Personal Taxes Including a K-1
Situation: A relative passed away in 2008. There is still money remaining in a bank account included in his estate. Currently we, his descendents, claim our portion of interest earned on that money each year on a K-1.
Last year, I claimed $11 in interest earned on my K-1. After tax preparer fees, an exemption, etc., on the interest that the remaining balance in the account earned, we owed no taxes last year.
Nothing has changed this year. The same amount of money is still in the account, the interest rate is the same, etc. Per a conversation with the Executor, he is in no hurry to file the estate taxes and provide the K-1s to us.
My situation: I am in quite a bind financially, I need to file my taxes asap. Can I estimate how much interest earned I will be claiming on this year's K-1 and file my taxes? If so, how much trouble will I create for myself when the estate taxes are finally filed and my K-1 is possibly off by a few dollars?
Normally, I would just wait to file. However, this year has special circumstances that could cause me to suffer great financial loss if I do not tend to them asap.
Thank you for your assistance.
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