It's actually a trust set up nearly 100 years ago - to be finally distributed 20 years after the death of the last of the second generation following the deceased. (the bank really sold a bill of goods on that one!) The bank that manages the trust buys and sells what they want, and if it turns out one or more of the assets they hold paid foreign tax, then that passes through on the K-1. It's only $26.00, not really worth the time and effort I've already spent on figuring out what to do. Certainly not worth a lawyer. Turbotax just won't let me use the guided procedures to edit the K-1's I already entered, as indicated by the loops I discussed in my first post. The only way I can see to make edits is directly to the forms themselves, which are complicated and will take far longer to work with than the paltry amount I save. Perhaps the best alternative is to switch the foreign tax to a deduction rather than a credit, eliminating the need for the 1116 forms. I lose the $26 credit but gain time, and my rebate.
