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A 1041 FOR A TRUST. IT HAD INCOME FROM A TIAA ACCOUNT AND…

I AM FILING A...

I AM FILING A 1041 FOR A TRUST. IT HAD INCOME FROM A TIAA ACCOUNT AND THE TRUST RECEIVED A 1099-R FROM THEM. I HAVE TO TRANSFER THE GROSS DISTRIBUTION TO THE BENEFICIARY WITH A K-1 AND WOULD LIKE TO ALSO TRANSFER THE WITHHOLDING SO THEY CAN TAKE IT AS A CREDIT AS THEY COMPUTE. ON K-1, LINE 13 DOESN'T HAVE WITHHOLDING AS A LETTERED OPTION. FORM 1041 T-1 ALSO ONLY ALLOWS ESTIMATED W/H TO BE PASSED THROUGH AND THEN ONLY BY 3/6 THIS YEAR.

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3/16/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,986
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name’s Lane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

I’m reading your question now.

Bear with me a moment while I type up my response.

….

Then if you have further questions we can go from there.

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There's no clean way to do this.

...

What I've always done is enter as estimated tax, then use the preparer notes to explain (along with sending a copy of the 1099-R)

...

If your software won't allow scanning the 1099-R into the file as a pdf, then you'll need to file a paper return.

...

I never had one come back when handling this way over many years

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other questions?

...

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars on your screen, and then clicking “submit")

That’s the only way JustAnswer.com will credit me for the work.

...

I hope you’ll rate me based on accuracy and thoroughness, rather than any good news / bad news content

But again, let me know if you need more here,

Lane

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Customer reply replied 1 month ago
Lane, I will do that. There doesn't seem to be an IRS way to convey the W/H monies to the beneficiary. The IRS demands for the income to the trust to be distributed but doesn't allow for a way to convey the W/H. I was tempted to file a 1041 with no income for the Trust, take the W/H as a refund to the trust and convey those monies to the beneficiary from the Trust.
Is there a division of the IRS that has the job of rationally listening to concerns like this and making, or recommending, changes in the procedures, like this situation calls for?

This has been an ongoing issue for years ... And although I'd bet that they choose to spend resources on collections (over these issues... especially given the cutbacks over the last few years) with the form reworks that are now required (new tax code) ... e.g., the new below the line pass-through deduction that will be taken on the 1040 - now might be a good time.

...

See this: https://www.irs.gov/forms-pubs/comment-on-tax-forms-and-publications

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If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars on your screen, and then clicking “submit")

That’s the only way JustAnswer.com will credit me for the work.

...

But again, let me know if you need more here,

Lane

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,986
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
Lane, I sent a note to the site that you have listed about the issue. Wonder what will happen.

If history is an indication, nothing ... the response I got one time was payments are payments (withholding, estimated payments, they all reduce the tax liability dollar for dollar).

...

BUT, again, as there will be some pretty fundamental changes to the 2018 forms, it might be different this time.

...

Thanks much for the rating.

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,986
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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