- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
IdaBoi, if you are the beneficiary of the IRA, why was a distribution paid to the trust? Or did you mean to say that the trust is the beneficiary of the IRA. Or if the distribution was paid to you, why is it on the trust tax return at all?
I don't understand your description of the boxes and lines of which forms. Please be more specific, since there is no way to interpret your details that makes any sense.
"Backup withholding" is withholding is required because either you refused to provide a correct TIN to the payer of the IRA distribution or the IRS has mandated that the entity receiving the distribution subject to such withholding, and backup withholding is required to be 24%. What was withheld from this distribution is not backup withholding.