Discussion:1041 Income Incorrectly Reported on 1040 for 2007
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Discussion Forum Index --> Basic Tax Questions --> 1041 Income Incorrectly Reported on 1040 for 2007
Discussion Forum Index --> Tax Questions --> 1041 Income Incorrectly Reported on 1040 for 2007
| 25 March 2009 | |
| I have a new client who had 2007 returns done incorrectly. 1041 income from his aunt was incorrectly reported on his 1040 and the tax paid on the 1041 income on the 1040. 1041 should have had $788K in stock sales but only $3K in LT CG. I am amending returns my question is will the IRS cut some slack since the tax was paid on the income albiet by the wrong tax return? Thanks | |
| 25 March 2009 | |
| the taxpayer will get a refund with interest
the fiduciary return will owe, with interest They won't net out the same. | |
| 25 March 2009 | |
| I actually have a similar issue but not with the income. clients husband died and left half of house to his wife through a marital trust. the client picked up home deductions (property tax mainly) on her return vs picking up through marital trust. I don't think its the same as not picking up the income on the correct return.
Sorry Taoseno for hijacking your post.... | |
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