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Old 03-01-2015, 05:42 PM
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k1 schedule and box 13 credits

I have a K-1 form. I received money from my Mom's estate. Taxes were withheld and is shown on line 13 (credits & recaptures) of k-1 form. Where does this amount go on my 1040 form? I put it on line 65 of 1040 form and IRS did not give me credit for it. I have to do an amended tax return.



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Old 03-01-2015, 10:17 PM
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Originally Posted by bigbrowns View Post
I have a K-1 form. I received money from my Mom's estate. Taxes were withheld and is shown on line 13 (credits & recaptures) of k-1 form. Where does this amount go on my 1040 form? I put it on line 65 of 1040 form and IRS did not give me credit for it. I have to do an amended tax return.
You should not file Sch K-1 (1041) with your individual taxes unless there is backup withholding reported in box 13, code B .If there are any taxes due, the estate would pay them, not you .Your mother’s estate must prepare a Sch B attachment for Form 1041 to take the deduction. complete Schedule B to determine the estate's income distribution deduction.



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Old 03-01-2015, 10:44 PM
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K-1, box 13

Taxes were withheld (paid) on the funds I received. The paid amount is shown in box 13 (no code shown) on the k-1 form. Where do I put the box 13, taxes paid on my 1040 tax return? Thank you for your response/help.



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Old 03-02-2015, 01:40 AM
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Originally Posted by Wnhough View Post
You should not file Sch K-1 (1041) with your individual taxes unless there is backup withholding reported in box 13, code B .If there are any taxes due, the estate would pay them, not you .Your mother’s estate must prepare a Sch B attachment for Form 1041 to take the deduction. complete Schedule B to determine the estate's income distribution deduction.
if taxes were w/h as credit for backup withholding. You need to include this amount on line 64 of your Form 1040 and attach a copy of Sch K-1 of Form 1041 to your return.



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Old 03-02-2015, 01:41 AM
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Originally Posted by bigbrowns View Post
Taxes were withheld (paid) on the funds I received. The paid amount is shown in box 13 (no code shown) on the k-1 form. Where do I put the box 13, taxes paid on my 1040 tax return? Thank you for your response/help.
if taxes were w/h as credit for backup withholding. You need to include this amount on line 64 of your Form 1040 and attach a copy of Sch K-1 of Form 1041 to your return.



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