Level 5

Question

Overstated K-1

Forum|Forum|2 years ago
June 18, 2024
4 replies
17 views

Hello

A client received a K-1 from an estate for 2023 tax year, however the amount is roughly $25k off. The accountant and the executor are not accepting or returning calls and have refused to provide an accounting for the heirs. How should this be handled?

Thanks!

ProSeries Basic

This topic has been closed for replies.

IRonMaN

Level 15

How do you know it is $25K off? Have you seen any documents that indicate that?

Slava Ukraini!

J

JML222Author

Level 5

Yes, I have seen the real estate closing statement and the estate doc stating client is a 1/3rd heir. Also statements from client and brother that this was the only asset

Just-Lisa-Now-

Intuit Community Champion

You realize that whats shown on the K-1, may not be the same as the distribution of money that was received, right?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

J

JML222Author

Level 5

Right, distribution is a separate issue

IRonMaN

Level 15

If the accountant and executor are ignoring the beneficiaries, maybe a call from the beneficiaries' attorney will get them to be a little more talkative.

Slava Ukraini!

J

JML222Author

Level 5

Yes, they talked with their attorney who suggested a law suit is the only sure way to get the accountant and executor to talk. The amount they inherited could be easily eaten away by legal fees.

IRonMaN

Level 15

Personally, I would get another heir, a couple of tents, and camp out next to the front and back doors of the executor and wait for him or her to do a little explaining.

Slava Ukraini!

sjrcpa

Level 15

Did the estate go through Probate?

Perhaps a call/]inquiry to the Clerk of the Court would be in order.

The more I know the more I don’t know.

J

JML222Author

Level 5

Everything was in a trust and bypassed probate.

sjrcpa

Level 15

Then your statement "A client received a K-1 from an estate for 2023 tax year" is incorrect.

The more I know the more I don’t know.

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