in Education
310954
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?
You'll need to sign in or create an account to connect with an expert.
" 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.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
joeylawell1234
New Member
in Education
donnapb75
New Member
trust812
Level 4
benzaquenbills
New Member
mburback8
New Member