I'm the TTE for a living trust. The trust has a farm rental, had the taxes done by a firm in the state the trust is in. I live in a different state. After receiving the taxes from the firm for the trust, a K1 form 1041 was included in it for me. On part III line 14 shows an amount for net investment income, on the form block H domestic beneficiary is checked. Do i have to claim this amount on my Federal taxes, and state taxes? If so and doing an amendment, (my taxes have already been filed and accepted) where in turbo tax desktop would I put this amount?
@Popgam Sadly you would have to amend your return and claim the k-1. Depending on the state requirements, you may also have to file a non-resident state tax return.
Here is a link on how to claim the K-1 https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-k-1-received/L0GrC2Hcd_US_en_US?uid=lv2g4tsn
Every trust is different, often the Trust pays some of the taxes. May claim the state income even, you would then be allocated a credit for state taxes paid.
Instructions to amend can be found here: https://turbotax.intuit.com/tax-tips/amend-return/how-to-file-an-amended-return-with-the-irs/L6kO691J8