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Level 1

My minor daughter got a 1041 K-1 from her great grandmothers family trust. How do i enter that into TT. Looks like I can only enter K-a for mother my wife or me.Thanks.

Adding a K-1 for my minor child in TT

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Level 1

My minor daughter got a 1041 K-1 from her great grandmothers family trust. How do i enter that into TT. Looks like I can only enter K-a for mother my wife or me.Thanks.

Do not include the K-1 for your daughter on your return. She should file her own return if necessary.

 

If children are still considered your dependents they must file if:

  • Their unearned income is greater than $1,050 (like interest and dividends);
  • Their earned income is greater than $6,300 (from a job, reported on a W-2); or
  • They received a 1099-MISC and their net earnings from self­-employment was at least $400.

The K-1 income would be considered unearned income.


If your daughter needs to file a return with the K-1 income you will have to open another TurboTax account to do her return, if you have already created your own return in TurboTax. 

Your TurboTax login is connected to one return.  You can have 5 accounts under your e-mail address.  To start a new return in TurboTax Online, please follow the directions in the FAQ below:

https://ttlc.intuit.com/replies/3288574


1 Reply
Level 1

My minor daughter got a 1041 K-1 from her great grandmothers family trust. How do i enter that into TT. Looks like I can only enter K-a for mother my wife or me.Thanks.

Do not include the K-1 for your daughter on your return. She should file her own return if necessary.

 

If children are still considered your dependents they must file if:

  • Their unearned income is greater than $1,050 (like interest and dividends);
  • Their earned income is greater than $6,300 (from a job, reported on a W-2); or
  • They received a 1099-MISC and their net earnings from self­-employment was at least $400.

The K-1 income would be considered unearned income.


If your daughter needs to file a return with the K-1 income you will have to open another TurboTax account to do her return, if you have already created your own return in TurboTax. 

Your TurboTax login is connected to one return.  You can have 5 accounts under your e-mail address.  To start a new return in TurboTax Online, please follow the directions in the FAQ below:

https://ttlc.intuit.com/replies/3288574