K-1 information

Forum|Forum|1 year ago
February 8, 2025
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So my father passed and his apartents were sold. WE the benificiaires will be getting the k 1 form. I do not have a problem with this but I do have a big concern with giving my social security number. , my sister who is the estate trustee, the manager of a tax place, and does simple taxes for low income people who needs my social security number has done some shady things in the past with getting into personal accounts with other family members. Is there another number I can use and give rather than my social security number. I do not want my social security number in her tax office because of what she has done in the past. This is a tough one. 2ndly my dad has another rental where my disabled sister lives and she pays a small amount of rent. Now me and three other sisters will have to do the K-1 every year, so I have to give my ssnumber every year again. Any insight is appreciated.

dmertz

Employee

If you fail to provide your SSN and the Schedule K-1 includes taxable income (which appears will be the case), the income is subject to backup tax withholding. The estate must withhold and pay to the Treasury this tax at a rate of 24%. The amount of backup withholding will appear on the Schedule K-1 (Form 1041) with code B in box 13 to be credited on your individual tax return and a copy of the Schedule K-1 must be included with your tax return. (I don't know if TurboTax includes this in an e-filing when it sees that you have entered a code-B amount or if you must print and mail your tax return and physically attach a copy of the original.)

Backup withholding: https://www.irs.gov/pub/irs-pdf/p1281.pdf