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I am trying to enter in info from a K-1 form about money my…

Customer Question
I am trying to...

I am trying to enter in info from a K-1 form about money my grandmother left me. Taxes were already withheld from the check I received but that is not reflected in the K-1 form. Once I enter in the additional income from the estate my return drops down almost $1,000. I am sure this is an error. I am using TurboTax so I see my return in real time as I enter my info.

Submitted: 6 months ago.Category: Finance
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Customer reply replied 6 months ago
I also have a 2017 Schedule 2k-1 which does show the fact the amount was 4469 and 803 was withheld.On the K-1 form it just says 3666.
Answered in 31 minutes by:
3/9/2018
Financial Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 6 months ago
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 1,784
Experience: Former IRS Revenue Agent
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I'm Fiona, former IRS revenue agent. I am looking at your question and will get back to you soon. Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP,IMTA

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Financial Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 6 months ago

Dear Customer,

It is possible that the person who prepared the estate tax return did not distribute the income tax withheld to individual beneficiaries. We cannot interpret and put the income tax withheld.

It is suggested that you contact the trustee to get a corrected K-1 if they meant to distribute the income tax withheld (estimated tax submitted) to the beneficiaries.

Please feel free to follow up.

Regards,

Fiona

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Customer reply replied 6 months ago
I just realized the check I received was actually $11,235. Could you interpret what this form is saying?
Financial Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 6 months ago

Dear Customer,

What you enter to the tax return is the earning which is taxable. What you are getting is the "wealth", assets of the trust. Your grandmother has paid tax on that much money already.

Please feel free to follow up.

If you need me to review the doc, I will offer premium service. You will be further charged.

Regards,

Fiona

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