We received a schedule K-1 from my brother's estate. We haven't received any funds yet but will receive in 2020. The calendar/tax year on the K-1 is 5/01/19 to 4/30/20.. We are suppose to pay taxes on this money and not the estate. Do we file this with our taxes for 2019 or 2020. The tax liability is going to be about 15K. Should we pay estimated taxes and will we face any penalties from this?
You will report that K-1 on your 2020 individual income tax return (Form 1040).
Refer to the IRS web site (link below) for information on the penalty for underpayment of estimated tax.
https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes
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