Dear WCI forum,
Long time reader, first time poster and I'd really appreciate some advice on tax preparation. My wife received a 15k distribution from a trust in 2016. We have not yet received a K1, and the accountant who manages the trust told us that we could go ahead and file our taxes without the K1 since the trust had paid all required taxes on the distribution. The trust holds a 25% stake in a family partnership, which owned and sold a piece of land in 2016. The partnership and land are located in CT and we live in MA. The vast majority of the distribution represents long term capital gains. My questions are:
1) Can I file my federal and MA state taxes without the K1? Would I need to file an amendment once I receive the K1?
2) Do I need to file a CT tax return as a nonresident?
Thanks very much for any advice you might be able to offer!
- White coat wannabe
Long time reader, first time poster and I'd really appreciate some advice on tax preparation. My wife received a 15k distribution from a trust in 2016. We have not yet received a K1, and the accountant who manages the trust told us that we could go ahead and file our taxes without the K1 since the trust had paid all required taxes on the distribution. The trust holds a 25% stake in a family partnership, which owned and sold a piece of land in 2016. The partnership and land are located in CT and we live in MA. The vast majority of the distribution represents long term capital gains. My questions are:
1) Can I file my federal and MA state taxes without the K1? Would I need to file an amendment once I receive the K1?
2) Do I need to file a CT tax return as a nonresident?
Thanks very much for any advice you might be able to offer!
- White coat wannabe
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