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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?
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Answered in 10 minutes by:
3/19/2014
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,319
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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: 33,319
Experience: Taxes, Immigration, Labor Relations
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