K1 and 1099R

Forum|Forum|11 months ago
April 6, 2025
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I recieved a 1099R for a distribution for a trust and a K1 for that same distribution. When I enter both forms, it counts the income twice and doubles my tax. On the 1099R it shows I paid the Federal tax. But when I enter the K1, Box 13 (code B) I enter the tax I paid and Turbo Tax doesn't reduce my tax burden.

DavidD66

If the trust is the beneficiary of the IRA or other retirement plan, and they took received distributions, then the trust should have received the Form 1099-R, not you. The trust would then pass on the distributions and report it, and any tax withheld on Form K-1. I recommend that you contact the trustee to determine why you received both a K-1 and a 1099-R reporting the same income. The custodian of the IRA or other qualified plan either paid you, or the Trust.

As for line 13 code b on the K-1, that is reported on Form 1040, line 25c, Federal income tax withheld from other forms. If the amount on line 13 of the K-1 doesn't flow to Form 1040, you can enter additional withholding as follows: