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Question for the Money Doctors

Question submitted on May 7, 2014.

Question

my mother passed away 06242013 and she had an IRA account. when we closed the account it was setup as a estate account. so when the distrbution was done of 42,712.00 we had 30percent of txaes withheld. now we are required to file a form 1041. after reading and attemping to do the form, i am showing no txas due and we will get the 30% of taxes paid back. help

Answer

If you file the 1041 and no tax is due you will receive the 30% tax withheld back as a refund. I would need all the information to prepare a 1041 to give and further advise. I suggest some professional help in this matter. Visit www.findacpapfs.org to find a CPA/PFS in your area. Good Luck.


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