I am preparing an initial 1041 for a Family Trust.
The income is reported on Form 1099-R, along with Federal income tax withheld (box 4).
Question:
1) can the Federal income tax withheld be allocated to the beneficiaries?
2) if so, how is the allocation accomplished within the Proseries 1041 return?
Thank you for reading this!!
Sorry, I forgot to add it is the first year for a "Family Trust"
First year you are doing trust tax returns, also? "Family Trust" means nothing. If it's the typical Revocable Living Trust, it's a grantor trust. Read up on those in the 1041 instructions.
The trust EIN is on the 1099R or is it an SSN?
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.