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form 1041 - IRA

Jerry C
Level 3

I am still slightly confused. So It appears that because the check from Account A was sent in 2021 paid to the "estate of" . The Estate Of- received a 1099R for $343,000. The person Filed the 1041 timely for the year 2021, ignored everything and solely listed the 1099R rec'd for $343,000 and the IRS withdrew the tax (37%). the person who filed the return (Who is also the beneficiary of the estate and not a tax person) never listed a K-1 on the return

So, do I have to file an amended return for the estate(getting back the taxes paid or at this point does both the estate and the beneficiary paid taxes on the $343,000), and then also list a k-1 to the beneficiary for the full $343,000 

I have listed all of the info I know on a previous question

0 Cheers
3 Comments 3
IRonMaN
Level 15

Based on the information provided on the prior post (where you should have posted this instead of starting another post), the original 1041 was prepared correctly as Bob noted.


Slava Ukraini!
qbteachmt
Level 15

"I have listed all of the info I know on a previous question"

For convenience, then, to get everyone over the right topic...

That topic with the background and input from others, already, is at this link:

https://proconnect.intuit.com/community/practice-advice/discussion/form-1041/00/226959

 

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BobKamman
Level 15

". the person who filed the return (Who is also the beneficiary of the estate and not a tax person) "

The only thing missing from this sad tale is that she used TurboTax for that.