Bird Posted September 28, 2012 Share Posted September 28, 2012 A plan account was apparently mis-coded by the brokerage firm and they withheld taxes on some earnings. (Not my plan; just trying to help out an accountant.) Does anyone know how to get that back? I suggested to the accountant that they file a trust return - Form 1041 - and show $0 tax due and $x withheld and they should get a refund, just like any other overwithheld tax. Any thoughts? Ed Snyder Link to comment Share on other sites More sharing options...
ETA Consulting LLC Posted September 28, 2012 Share Posted September 28, 2012 I suggested to the accountant that they file a trust return - Form 1041 - and show $0 tax due and $x withheld and they should get a refund, just like any other overwithheld tax. Any thoughts? That appears to be all you can do since it crossed a tax year. "In some instance", when these things are done within a year, you can offset the amount against additional funds being submitted to the IRS. This becomes more difficult after the year end reports were balanced and filed with the IRS; leaving your suggestion the only 'apparent' reasonable approach. Good Luck! CPC, QPA, QKA, TGPC, ERPA Link to comment Share on other sites More sharing options...
masteff Posted September 28, 2012 Share Posted September 28, 2012 Form 990-T. Page 4 of the instructions addresses "if your only reason for filing is to claim a refund". Kurt Vonnegut: 'To be is to do'-Socrates 'To do is to be'-Jean-Paul Sartre 'Do be do be do'-Frank Sinatra Link to comment Share on other sites More sharing options...
Bird Posted September 28, 2012 Author Share Posted September 28, 2012 Form 990-T. Page 4 of the instructions addresses "if your only reason for filing is to claim a refund". Cool/thanks. Ed Snyder Link to comment Share on other sites More sharing options...
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