I am struggling with a form K-1 and entering the supporting documentation as I do not see the same fields in turbo tax.
I have a K-1 for a trust with boxes 2a $9622, 2b $9622, 12a $121, 12b $121 , 12j $121, 14a $1738 and 14b $565.
When I enter in turbo tax, no problem entering info from boxes as noted above. The third screen asks for more information regarding US and foreign sources and I do not know what to enter. I have a document from the trust indicating the following info needs to be entered but I don't know where. It has: foreign dividend qualified portion on K-1 line 2b $4868, total included on K-1 line 2a $4868. Foreign tax credit for line 14 code b (where/what is that) country- other, gross income $5779, qualified dividends $5384 and taxes $565. It also lists fiduciary subtraction of $6068. I am assuming on the next screen, it is passive income, but the next screen asks for total interest expense and the breakout of US and foreign source as well as deductions. I have tried entering the $5779 as the total, and $4868 as the foreign qualified and foreign taxes as a deduction here, but it seems to auto calculate a US portion and I feel I am getting double taxed since that is also in the $9622 already entered. I am so confused as to where to enter this information and without it, my taxes owed jump dramatically. Looking for help to appropriately enter this in turbo tax. I have tried using form 1116 referenced but nothing matches up to the information I have to confidently know I am putting things in the right place. Appreciate any help anyone can provide.
