Bird Posted September 28, 2012 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
ETA Consulting LLC Posted September 28, 2012 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
masteff Posted September 28, 2012 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
Bird Posted September 28, 2012 Author 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
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