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a-concerned-user
Returning Member

Form 1040 Schedule B line 8, I ticked "beneficiary of more than 50% of a foreign trust", why does TT mark me as a guarantor, tranferor, or receiving a distribution?

Filling out the foreign accounts section in TurboTax, I ticked that I am a beneficiary of more than 50% of a foreign trust (I had a foreign pension whilst I lived abroad, which seems to be categorised as a foreign employee's trust). I did not tick that I received a distribution, or was a grantor, or transferor to in the year 2023. When looking at the generated return, I see TurboTax is selecting Yes on line 8, when the question states "During 2023, did you receive a distribution from, or were you the grantor of, or transferor to, a foreign trust?". I've read the supporting IRS instructions, which again only mention these categories, not beneficiaries who didn't take a distribution.

I went back to the TurboTax Online form to check this is what I ticked, and it still shows I only ticked beneficiary, not the other options.

Am I misunderstanding the question on line 8, or is this a mistake in what TurboTax is generating?
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2 Replies
a-concerned-user
Returning Member

Form 1040 Schedule B line 8, I ticked "beneficiary of more than 50% of a foreign trust", why does TT mark me as a guarantor, tranferor, or receiving a distribution?

As of this weekend, it seems to have corrected itself, it now ticks "No". However, I'm still concerned given what was originally filed

DawnC
Expert Alumni

Form 1040 Schedule B line 8, I ticked "beneficiary of more than 50% of a foreign trust", why does TT mark me as a guarantor, tranferor, or receiving a distribution?

Is the refund or amount due any different now that the box is marked with NO?  

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