How to claim withholding after the fact

Technical topics regarding tax preparation.
#1
DavidG  
Posts:
379
Joined:
21-Apr-2014 1:29pm
Location:
San Francisco Bay Area
A trust was involved in a viatical transaction and reported the income on its tax return. Over 1 year after the tax return was prepared a 1099 was received that showed federal income tax withholding. The trust tax return did not report any tax withholding.

The 1099 listed the trust as the recipient, but listed the decedent's SS number. The decedent died about 10 years ago.

It was the final return of the trust. I am not sure if this is "back-up" withholding and can only be passed through on the K-1. If so, then the beneficiaries return will also have to be amended. Thoughts?

Is an amended Form 1041 proper, and attach the 1099 with a relevant explanation? The withholding was about 5k.
 

Return to Taxation



Who is online

Users browsing this forum: AlexCPA, Google [Bot], Yellowdog and 131 guests