Federal 2011: General Business Credits From an Estate or Trust
Taxpayers may be eligible to receive certain general business tax credits for businesses they own. Taxpayers may also receive these general business credits as beneficiaries of an estate or trust.
Certain customers, who received general business credits on their Estate or Trust Form K-1, may have filed an incorrect tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if ALL of the following are true:
- You filed a 2011 federal tax return before March 23, 2012 AND
- You had a federal Form K-1 for Estates and Trusts, with one or more amounts on Line 13
- The amount(s) had one of the following codes: C,D,F,G,H,I,J,K,L,M,N,O,P
- You had a federal Form 3800, and none of the above amounts were included on Part III, column (c)
If you are affected, you may have overpaid your federal tax. If so, you will need to amend your federal tax return.
You can make the corrections yourself.
- To do it yourself, please follow these step-by-step instructions.
- After you make the changes to your tax return, you will need to mail a copy of your amended federal return to the Internal Revenue Service.
- Your printed return will include instructions on how and where to mail it.
- If you need assistance, call us at the phone number in the email.
Or let us do the work for you.
- Please download and print this Authorization Form .
- Complete the form and fax it to us at the number printed at the top of the form.
- A TurboTax representative will contact you (within 15 days) when your corrected return is ready to be securely emailed back to you.
- You can print, sign, and mail the corrected return to the Internal Revenue Service.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the Federal 2011: Trust/Estate K-1 Credits.