Accountant-Man
Level 13
04-09-2024
09:28 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
1) Is it an estate or a trust? It cannot be both.
2) When I receive a 1099-R with an estate or trust as the owner(bad tax planning!) I enter the amount as Other Income on the 1041. Withholdings go on the withholdings line for 1099s.
3) If you can get the income passed through you can save a lot of tax money. BUT YOU MUST FILE TO GET THE WITHHOLDINGS REFUNDED. Withholdings cannot be "passed through" to beneficiaries. (Estimates can be transferred to beneficiaries.)
** I'm still a champion... of the world! Even without The Lounge.