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

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

alanwing
New Member

How do you pass solar system values through to Trust Beneficiary for a Tax Credit?

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?

1 Best answer

Accepted Solutions

How do you pass solar system values through to Trust Beneficiary for a Tax Credit?

" 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.

View solution in original post

1 Reply

How do you pass solar system values through to Trust Beneficiary for a Tax Credit?

" 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.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v