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I am the sole surviving family member, sole beneficiary and…

I am the sole surviving...
I am the sole surviving family member, sole beneficiary and the trustee/fiduciary of a trust. I am having issues using H & R Block business edition I can’t seem to resolve.The trust has some interest income but I don't want to take any distributions from it for 2017 to keep my income down on my personal return which is higher than normal this year. The Trust has very little income and may not owe any tax. The H & R Block program gives me an error message saying I must attach a K1, Can I ignore the error or must I file k1 showing zero distributions, is there a way (a form?) to tell the IRS I am not taking any distributions?I entered income tax withheld on the 1099 worksheet yet it does not show up on the final trust 1041 page one return. When I go back enter it manually on line 25 e and check the box stating it is from form 1099 I get an error message?? Is the tax withheld on form 1099 not deductible?
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Answered in 7 minutes by:
3/23/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,142
Experience: Taxes, Immigration, Labor Relations
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That is likely because you marked that 1041 as final tax return - all distributions are required on the final tax returns for the trust.

Another possibility - there was a question - if that is a simple or complex trust - if you choose simple - distribution is required.

Please verify.

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Customer reply replied 4 months ago
It is not marked as a final return but it is in fact a simple trust so I will go forward with the distribution. Can I ignore the error regarding the federal withholding, here was in fact $107 reported as withheld on form 1099. Using the program prompts I entered $107 in box 4 1099-INT that but in the end it never shows up as a deduction unless I go back and enter it manually on line 24 E & check the box on 1041. . . but doing it manually followed by end review it shows an error "over-ride calculation??? Tells me to check info again.

If that is a Simple trust - income MUST be passed to beneficiaries - and you may not just ignore that warning,

as the same warning will be in the IRS system - and the letter will automatically generated.

That will be an issue.

Tax withheld are also passed to beneficiary for the Simple trust - so the IRS will adjust that credit...

The critical pint here is - having a Simple trust.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,142
Experience: Taxes, Immigration, Labor Relations
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Customer reply replied 4 months ago
Thank you for your rapid response.
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