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rmfrog1
Level 2

If I submit a 1041 via T.T. with wrong name and it was accepted by the IRS, do I need to correct it?

I submitted my trust's 1041 with one trustee's name incorrect (it was accepted by the IRS). Do I need to submit a 'corrected' 1041? For example, I specified her name as 'Jan Smith', but she now tells me she files her joint taxes as 'Jan Jones Smith' (combining her maiden name 1st and married name 2nd without hyphenated). Should I try to correct this, or wait to see what happens?
3 Replies
tagteam
Level 15

If I submit a 1041 via T.T. with wrong name and it was accepted by the IRS, do I need to correct it?

One trustee? You can only enter one trustee.

 

Regardless, this is not critical.

rmfrog1
Level 2

If I submit a 1041 via T.T. with wrong name and it was accepted by the IRS, do I need to correct it?

I mis-spoke. Instead of 'trustee' I should have said 'beneficiary'. This beneficiary received a Sched K-1 from the trust with her incorrect legal name on the K-1 (and corresponding K-1 equivalent for the state). So, should I (as the one submitting the 1041 & K-1s to the IRS and the state dept of revenue) try to correct this pro-actively, or just wait and see what happens re-actively? If I try to correct this, how is that done? Also, can or should this beneficiary do something to correct this situation at her end with her tax accountant?  Thanks for your thoughts on this.

tagteam
Level 15

If I submit a 1041 via T.T. with wrong name and it was accepted by the IRS, do I need to correct it?

Frankly, I, personally, would do nothing. 

 

The name on the K-1 combined with the taxpayers TIN (presumably an SSN) should be sufficient.

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