Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Death occurred in 2013. 1099-R was issued to Trust (originally…

Death occurred in 2013. 1099-R...
Death occurred in 2013. 1099-R was issued to Trust (originally a grantor trust) . Six children are beneficiaries. The eldest child is fiduciary and is a CO resident. Other children live in various other states. Banker's life withheld Federal and CO income taxes because the fiduciary lives in CO. Decendant's were KS residents their entire lives and have a commercial rental property in KS that will remain in the trust until kid's sale. Beneficiaries will now have to file CO returns??? Can Banker's life re- issue 1099 with KS income and KS tax withheld?
Show More
Show Less
Ask Your Own Tax Question
Answered in 10 minutes by:
3/19/2014
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,740
Experience: Taxes, Immigration, Labor Relations
Verified
Lev :

Hi and welcome to our site!
It might be too late to re-issue form 1099R as taxes most likely were already remitted...
But that would be the ideal not to have CO taxes withheld.
I suggest to contact teh sender and verify if that is possible to amend form 1099R.

Lev :

If not - the only way to request a refund would be to file CO state tax returns..

Lev :

While that might be not according to distribution instructions - when the trust will prepare K1 forms for beneficiaries - you may pass ALL withheld CO taxes to the beneficiary who is the resident of CO and that beneficiary will credited that amount on his/her tax return - thus other beneficiaries will avoid filing CO state tax returns.
That might be a little workaround - but will allow to avoid some overhead for filing multiple tax returns by all beneficiaries.

Lev :

Let me know if you need any help.

Ask Your Own Tax Question
Just in case you were not able to use the chat - I am switching to Q&A mode and posting the answer below.
Please feel free to communicate if you need any clarification or have other tax related issues.

It might be too late to re-issue form 1099R as taxes most likely were already remitted...
But that would be the ideal not to have CO taxes withheld.
I suggest to contact the sender and verify if that is possible to amend form 1099R.

Lev :

If not - the only way to request a refund would be to file CO state tax returns..

While that might be not according to distribution instructions - when the trust will prepare K1 forms for beneficiaries - you may pass ALL withheld CO taxes to the beneficiary who is the resident of CO and that beneficiary will credited that amount on his/her tax return - thus other beneficiaries will avoid filing CO state tax returns.
That might be a little workaround - but will allow to avoid some overhead for filing multiple tax returns by all beneficiaries.

Let me know if you need any help.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,740
Experience: Taxes, Immigration, Labor Relations
Verified
Lev and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,740
32,740 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
When a married couple files a joint income tax return, is
When a married couple files a joint income tax return, is there a way to determine how much tax to pay for the separate property income minus expenses, and how much for the community property income m… read more
abci168
abci168
Principal
27 satisfied customers
VA income tax return form 760, Line 16, “ Taxable Income -
VA income tax return form 760, Line 16 , “Virginia Taxable Income - Subtract Line 15 from Line 9” what are the two bubbles “DTD” and “LTD” ? Should I fill in one ?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I'm preparing someone's tax return that needs to be mailed.
I'm preparing someone's tax return that needs to be mailed. They're out of the country. Can they e-sign and I mail it? I know they can e-sign e-filed returns, but not sure about paper returns.… read more
Lev
Lev
Tax Advisor
32,740 satisfied customers
On line 17, Form 1120 ,C Corp Federal Tax return are state
On line 17, Form 1120 ,C Corp Federal Tax return are state corporate income taxes deductible.If I am doing my Federal C Corp returns for 2017 are the state corporate income taxes due but not paid yet … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,962 satisfied customers
How do I exclude my 1099-R early retirement distributions
How do I exclude my 1099-R early retirement distributions from tax and penalty (under 10k distributed) that went towards a first home purchase? What's the form that exempts this distribution from inco… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
Finally filing 2016 income tax returns. Filing as "married
Finally filing 2016 income tax returns. Filing as "married filing separate return". Did not live with spouse at all in 2016. What is she on my return: an exemption? a dependent? an alimony expense onl… read more
abci168
abci168
Principal
27 satisfied customers
I need forms of T-2209 & T-2036 for 2017 Income Tax Return.
I need forms of T-2209 & T-2036 for 2017 Income Tax Return. … read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
Under what amount should you not file income tax return?
Under what amount should you not file income tax return? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,082 satisfied customers
I just want to know where to mail my income tax return.
I just want to know where to mail my income tax return. … read more
Carter McBride
Carter McBride
LLM
983 satisfied customers
My MO income tax return was returned to me that I was not
My MO income tax return was returned to me that I was not getting any return I fax them my 1099 and a copy of the rent I paid in 2017 I am 68 years old could you check and see if that was received ant… read more
Lev
Lev
Tax Advisor
32,740 satisfied customers
IN DOING MY 2017 FEDERAL & STATE OF COLORADO INCOME TAX
IN DOING MY 2017 FEDERAL & STATE OF COLORADO INCOME TAX RETURNS, I DISCOVERED THAT I HAD OMITTED FORM SSA-1099 INCOME FOR THE YEARS 2014, 2015, AND 2016. Do I need to file amended income tax forms for… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I prepared a c-corp trucking company income tax return for
I prepared a c-corp trucking company income tax return for 2015 and 2016 They paid their employee drivers per diem for days away All the records are good but the IRS says I should have only deducted 8… read more
Lev
Lev
Tax Advisor
32,740 satisfied customers
OH State income tax - Schedule A - personal tax return line
OH State income tax - Schedule A - personal tax return line 31. 1. What is the difference between "survivorship benefits" and "pension continuation benefits"? * New client for me. * OH resident * Spou… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,962 satisfied customers
My Federal and Oregon State tax returns submitted through
My Federal and Oregon State tax returns submitted through you have been lost … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,962 satisfied customers
I want to ask a question about Income tax return form 1040..
Hello I want to ask a question about Income tax return form 1040.. I want to fill form but My wife doesnt have any ssn number. She is housewife and she has no income. Which option should I choose from… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
164 satisfied customers
When I filed my 2016 tax return, the tax preparer used a
When I filed my 2016 tax return, the tax preparer used a form 4797 because in 2015 I sold a rental property. This was the only property I owned. I am retired & my annual income is a little over $20,00… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
My Pa income tax return is under standard review what does
Hi my Pa income tax return is under standard review what does that mean ? And also does the affect my federal income tax return … read more
Carter McBride
Carter McBride
LLM
983 satisfied customers
How can I get a copy of my 2016 1099-R federal tax return so
how can I get a copy of my 2016 1099-R federal tax return so I can compleat my 2017 taxs … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x