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- How do you allocate taxes withheld for an estate to the beneficiaries K-1?
How do you allocate taxes withheld for an estate to the beneficiaries K-1?
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jmacpa
Level 2
04-12-2022
09:47 PM
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taxes withheld on a 1099-R for an estate
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3 Comments 3
IRonMaN
Level 15
04-12-2022
10:35 PM
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You don’t. You were supposed to file that return early and get the refund to get the cash to the beneficiaries —————- but that never seems to happen in real life.
Slava Ukraini!
BobKamman
Level 15
04-13-2022
05:12 AM
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From the Form 1041 instructions:
Backup withholding. If the estate or
trust received a 2021 Form 1099
showing federal income tax withheld
(that is, backup withholding) on interest
income, dividends, or other income,
check the box and include the amount
withheld on income retained by the
estate or trust in the total for line 14.
Report on Schedule K-1 (Form
1041), box 13, code B, any credit for
backup withholding on income
distributed to the beneficiary.
Usually the withholding is on retirement plan distributions, and that is not considered by IRS to be "backup withholding" even though it may be mandatory.
