TurboTax is asking me about K-1, Box 14, and wants to me to pick from a list of choices for "income category." Options include "passive", "general", etc. K-1 Doesn't say.
My K-1 doesn't specify income category the foreign income is.
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1 Best answer
ToddL
New Member
Jun 1, 2019 2:08:32 AM
If the trust's income was generated from investments, the correct income category would be "passive".
5 Replies
ToddL
New Member
Jun 1, 2019 2:08:25 AM
What was the K-1 for? Were you actively engaged in the business operation?
JGB1
New Member
Jun 1, 2019 2:08:27 AM
Form 1041. I was not actively engaged, this was a trust-run operation - I received beneficiary income.
ToddL
New Member
Jun 1, 2019 2:08:28 AM
What generated the income? Investments? Rental property? Mining?
JGB1
New Member
Jun 1, 2019 2:08:31 AM
Investments
ToddL
New Member
Jun 1, 2019 2:08:32 AM
If the trust's income was generated from investments, the correct income category would be "passive".