Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

DO YOU HAVE A TAX EXPERT

Customer Question
dO YOU HAVE A TAX EXPERT
Submitted: 2 years ago.Category: Tax
Ask Your Own Tax Question
Answered in 5 minutes by:
3/2/2016
Tax Professional: emc011075, Tax adviser replied 2 years ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,989
Experience: IRS licensed Enrolled Agent and tax instructor
Verified

Yes. My name is ***** ***** I will be happy to help you. What's your tax question?

Ask Your Own Tax Question
Customer reply replied 2 years ago
Hi Eva,I have a grantor trust return. The grantor deceased on 5/5/15 and the trust has received a 1099R. I am not sure where to put this on the return.
Tax Professional: emc011075, Tax adviser replied 2 years ago

1099R is portfolio income. You can put it on line 8.

Items to be reported on line 8 include:

Unpaid compensation received by the decedent's estate that is IRD, and

Any part of a total distribution shown on Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., that is treated as ordinary income.

Ask Your Own Tax Question
Customer reply replied 2 years ago
I thought that the income would then go to the beneficiaries on a K-1 but it was on the 1041 and taxed at 39+%
Tax Professional: emc011075, Tax adviser replied 2 years ago

I am not sure why. I will opt out to give another expert a chance answer.

Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,383
Experience: Taxes, Immigration, Labor Relations
Verified

You are correct - that income is PASSED to beneficiaries.
However - there are certain steps to follow.

Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 2 years ago

First of all - we have to report that income on the trust tax return - form 1041 line 8 exactly as previous expert suggested.
Then - we deduct the SAME amount on form 1041 line 18 as Income distribution deduction
That will result ZERO taxable income for the trust and zero tax liability.

and finally - it will be reported on K1 which will be used by the beneficiary for his/her individual tax return preparation.

Let me know if you need any help with reporting.

.

I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all tax related issues.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,383
33,383 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

4,512 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 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
I've done thus. I have done this and wont retain the tax
I have done this and wont retain the tax info. Have purged and tried to get reprogram still won't take … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,693 satisfied customers
When I try to bring up my 2017 return,message says corrupt
when I try to bring up my 2017 return,message says corrupt file,reinstall. will I lose my filled out tax return. I paid $50. to review with your expert and nowe cant get return. ******* … read more
Bryan M.
Bryan M.
Owner
Masters of Accountancy
160 satisfied customers
I am a resident of maryland but owned and then sold a
hi.. so, i am a resident of maryland but owned and then sold a property in DC... do i have to pay taxes on the gain to DC or to the state where i live?. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have a client with a large NOL carryover and today is
Hi I have a client with a large NOL carryover and today is extension day of course … read more
Amanda Russell
Amanda Russell
Accounting Tax & Profit Strategist
Master\u0027s Degree
12 satisfied customers
Do I need to get a tax residency certificate from a Indian
Do I need to get a tax residency certificate from a Indian company before getting paid … read more
taxmanrog
taxmanrog
Master\u0027s Degree
1,076 satisfied customers
What would the taxes be land. What is the percentage of a
What is the percentage of a land sale for income taxes … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
How is "tax free" spousal support reported from the
How is "tax free" spousal support reported from the recipient? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
My question is related to business accounting/taxes, I own
My question is related to business accounting/taxes … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,693 satisfied customers
I have a couple of quick (?)s. Got it! I'm disabled, due to
Hi Pearl, I'm Gairy smith, & I have a couple of quick (?)s. … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
Where on the Form 709 do I indicate the annual exclusion?
Where on the Form 709 do I indicate the annual exclusion? First time gift to my son of stock worth about $49,000 but have never given a gift before tax year 2013.… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
I was issued a w-2c the employer entered an incorrect SS#.
I was issued a w-2c the employer entered an incorrect SS#. Do I need to amend my 2011 return that was filed? How do I make sure the wages I earned are credited to my SS# XXXXX not the one that was on … read more
tax-doctor
tax-doctor
Managing Partner
196 satisfied customers
I have bought a rental property (which is in an LLC) and paid
I have bought a rental property (which is in an LLC) and paid up for the property. For asset protection purpose, my attorney is suggesting that I can do Assignment of Right to Payment to my family lim… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
How is that experts at JustAnswer does not need to to report
How is that experts at JustAnswer does not need to to report to IRS? I thought either the expert or JustAnswer were required to either report or cover taxes and socia fees? Is it because it is a Delaw… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
I work in west africa and only come back to australia for a
I work in west africa and only come back to australia for a max 100 days a year. Do I have to pay Tax in Australia?… read more
Expert
Expert
How do I become a Just Answer expert in Real Estate and property
How do I become a "Just Answer" expert in Real Estate and property tax grievances? I have 30 years real estate experience and I train and certify local boards of assessment review members for New York… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I have an E-2 investor visa. What tax we need to take away
I have an E-2 investor visa. What tax we need to take away at my pay check. I'm from Slovenia and I'm working in North Carolina. Do I pay the Medicare and Social security? What about unemployment?… read more
Expert
Expert
should I do a tax ammendment with a tax expert for the last ...
should I do a tax ammendment with a tax expert for the last couple of years to see if my refund would be larger?… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 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