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ambizzy
New Member

How do I enter form K-1 (a trust) and form 501 in Turbo Tax? I found K-1, but it doesn't seem to transfer information as we are beneficiaries? First time doing this.

My husband is a beneficiary of a Trust and he received funds this year from the Fiduciary/Trustee who is in GA and we are in FL. I was able to enter in the K-1, but the form 501 isn't anywhere, so it's not showing that he 'made' money from that disbursement. I've searched online on how to handle it, but I don't think I need the business version, because he's not the business/trust, just a beneficiary. It seems it would be under income somehow? Any help would be appreciated!
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1 Reply
M-MTax
Level 12

How do I enter form K-1 (a trust) and form 501 in Turbo Tax? I found K-1, but it doesn't seem to transfer information as we are beneficiaries? First time doing this.

You may simply have to file a Georgia income tax return as a nonresident who received income from a Georgia source (i.e., the trust).

 

See file:///C:/1/2024%20IT-511%20Booklet%201.3.25%20corrected.pdf

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