TaxCut Business & Estate Form 1041


G

Gene Bleuler

While the program allows estimated tax payments to be allocated to
beneficiaries on lines 24a and 24b (there is none in my case), I can't see
how to allocate taxes withheld on a Form 1099-R (line 24e) which is what my
situation is to the beneficiaries.

When I enter the withheld amount on the K-1 forms, the program still shows
the amount to be refunded to the estate though there is zero remaining
income and tax liability after taking the income distribution deduction.

TC tech support has not been helpful. Anyone here got an idea?
 
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M

Mark Bole

Gene said:
While the program allows estimated tax payments to be allocated to
beneficiaries on lines 24a and 24b (there is none in my case), I can't see
how to allocate taxes withheld on a Form 1099-R (line 24e) which is what my
situation is to the beneficiaries.

When I enter the withheld amount on the K-1 forms, the program still shows
the amount to be refunded to the estate though there is zero remaining
income and tax liability after taking the income distribution deduction.

TC tech support has not been helpful. Anyone here got an idea?
I believe only estimated tax payments made by the trust can be
allocated, withholding in excess of tax due will simply be a refund to
the trust.

-Mark Bole
 
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R

Ricky Bobby

Mark Bole said:
I believe only estimated tax payments made by the trust can be allocated,
withholding in excess of tax due will simply be a refund to the trust.

-Mark Bole

--
I'm sorry, my post was incomplete.

I neglected to say that this is a decedent's estate and the 1099-R was for
the taxable portion of the deceased's annuity that the estate collected..

I thought that in this case, I can allocate both the estate income and the
withholding to the beneficiaries. Am I wrong about that?
 

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