K1 and 1099R

[markertle]

I recieved a 1099R for a distribution for a trust and a K1 for that same distribution.  When I enter both forms, it counts the income twice and doubles my tax.  On the 1099R it shows I paid the Federal tax.  But when I enter the K1, Box 13 (code B) I enter the tax I paid and Turbo Tax doesn't reduce my tax burden.

[DavidD66]

If the trust is the beneficiary of the IRA or other retirement plan, and they took received distributions, then the trust should have received the Form 1099-R, not you.   The trust would then pass on the distributions and report it, and any tax withheld on Form K-1.  I recommend that you contact the trustee to determine why you received both a K-1 and a 1099-R reporting the same income.  The custodian of the IRA or other qualified plan either paid you, or the Trust.

As for line 13 code b on the K-1, that is reported on Form 1040, line 25c, Federal income tax withheld from other forms.  If the amount on line 13 of the K-1 doesn't flow to Form 1040, you can enter additional withholding as follows:

• Click on Search
• Type in "Tax Payments"
•  Click on "Jump to tax payments"
• Scroll down to "Other Income Taxes Paid in 2024
• Next to "Withholding not already entered on a W-2 or 1099" click on Start
• Enter your withholding