I have a tax form question- any experts or professionals here?

Discussion in 'Community Discussion' started by OscarTheGrouch, Feb 24, 2010.

  1. OscarTheGrouch macrumors 6502

    Joined:
    Feb 28, 2007
    Location:
    G' Vegas South Carolina
    #1
    I receive a small disbursement from a generation skipping trust. Obviously taxes need to be paid on this. I was told I need to wait on a K-1 form. These don't have to be mailed until early April from the accountant who creates them :mad:

    I receive the 1099's on this trust (standard ones- 1099 div, int etc). It is my understanding that the 1099's are all the information on a K1, and the only thing the K1 does is consolidate this information and account for any expenses the trust had through the year. To my knowledge there were very few- if any.

    Do I REALLY need to wait on this K1, or if I am comfortable reporting the info from the 1099's (which I am), can I go ahead and file?

    If I need to wait, can I get an explanation of "why"?
     
  2. GoCubsGo macrumors Nehalem

    GoCubsGo

    Joined:
    Feb 19, 2005
    #2
    Honestly, won't you be pissed is someone gives you wrong info? Call the IRS tomorrow if their website is of no help.
     
  3. OscarTheGrouch thread starter macrumors 6502

    Joined:
    Feb 28, 2007
    Location:
    G' Vegas South Carolina
    #3
    Not really, I'm an adult, just looking for some input, plus worst case scenario is I amend the return, remove the 1099 info put in the k1 info, and 15 minutes later refile. The K1 doesnt have to be mailed is my understanding until early April, so rather than risk being LATE, I'll take this chance.

    I've done a LOT of homework on this issue, and am pretty confident in my decision- just double checking as it were.
     

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