It depends. To answer the questions in this section, you will need to refer to the supplementary statement that came with your K-1. Please perform the following steps.
- Log into Turbo Tax
- Go to federal>wages and income>S-corps, Partnerships, and Trusts>show more
- Schedule K-1>start or revisit
- Now choose Estate or Trust (Form 1041)
- Now after entering information about the Trust. it will ask you information in the boxes. You will check Box 14 and then the other boxes that have amounts listed.
- In Box 14. Pick Code ! from the drop-down and then enter the negative amount.
- Answering the questions that follow. The answers to those questions are on the supplementary statement tha came with the K-1.
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