- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
Thanks for the reply. My question was how to allocate a tax overpayment to the beneficiaries. The 1099-R had Federal and state taxes withheld. All of the income was distributed to the beneficiaries. I think I just found how to allocate the withheld taxes to the beneficiaries, in Forms mode on the Tax Payments Worksheet, Part II Other Tax Payments, line 1c: amount to allocate to the beneficiaries. But I don't think the Step-by-Step mode asked this question.
I believe you are correct, this would be Schedule G, Part II, line 14. But that causes the withholding to be allocated to the Trust. As soon as I use the worksheet to allocate the withholding to the beneficiaries, then this line 14 becomes zero, and the beneficiaries' K-1s are updated. This is what I want.