amhfour
New Member

Business & farm

Here is my issue. I received a schedule k-1. The executor of mom's trust pre-paid taxes (estimated the amount) on each of us 7 children for the amount we received. She did this so if any of the other 6 children didnt pay the taxes on the amount they received she wouldn't be responsible. She then filed a 1041 showing the estate pre-paid the taxes. The problem is turbo tax software is not asking for any information from the 1041. Therefore it is not recognizing I already paid taxes. The k-1 I received i has  one number on it and that is the net income. I'm told by the executor if the pre-paid tax estimated  amount is more than what should have been paid the refund will go back to the estate and then equally distributed between all 7 children. The gross each of us 7 children received was 24,000.00. The bank told the executor to withold 6,000 on each 24,000 leaving a net of 18,000 per each child. Don't know what to do. Called turbo tax spoke with an accountant of 15 years experience and she didn't know what to do either. Can anyone help? Thank you.