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I am using TurboTax Business to file for a Trust. The trust installed a solar system and needs to pass the values through to the beneficiary. How can that be done using the Business TurboTax Trust Program?
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" How can that be done using the Business TurboTax Trust Program?"
That could only be done through at least one override (on Line 13 of the K-1, use Code Z - Other credits - and enter the figure on that line).
Otherwise, the beneficiary will need to prepare and complete Form 5695 and submit that with the beneficiary's individual income tax return as if the beneficiary paid for the system directly.
" How can that be done using the Business TurboTax Trust Program?"
That could only be done through at least one override (on Line 13 of the K-1, use Code Z - Other credits - and enter the figure on that line).
Otherwise, the beneficiary will need to prepare and complete Form 5695 and submit that with the beneficiary's individual income tax return as if the beneficiary paid for the system directly.
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