I inherited from my mother's estate, and have worked with corporate K1's before so I understand the amount on Line 5 is totally taxable. Problem is, in Box 14 Code H, the accountant clearly shows a beneficiary PORTION as 1/4 of the amount that was reported on Line 5. There are 4 of us beneficiaries, and to me it looks like I'm paying the full amount as reported on Line 5, yet calculations and term "beneficiary PORTION" is exactly 1/4th of the amount shown on Line 5 that I am to be taxed. We are not exempt; taxable for the full amount on Line 5, so the tax liability jumps me up 2 tax brackets so it is a significant problem if they have incorrectly reported my Line 5 based on what they show in the Section 1411 adjustment - by $30,000 more taxes I'll have to pay on that money vs I've already prepaid estimated taxes so I'd have zero taxes due! It's a BIG DEAL for me as I'm unable to work and could really use tha $30,000 to pay the bills. (Line 5 shows $85994 yet Box 14H shows my share as $24,054 (less dividends of $806 reported elsewhere which I don't contest as that is 1/4th of the whole in their summary). I have no accounting at all from the Trustees and their accountant, and they are abusive and refuse to answer my repeated requests for clarification, information, or a correction. I have talked to two local accountants who believe my Line 5, based on the negative $62,746 shown as a negative in Box 14H should only by the 1/4 amount. Is there a "workaround" to adjust Line 5 without them issuing a new K1 which they refuse to do or discuss, or when they write "beneficiary PORTION" is that not really a portion? Or, does it look like I'm being forced to pay taxes for all 4 beneficiaries? Help!
