turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

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?  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies