Originally Posted by bigbrowns
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.