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Business & farm
The K-1 is generated as a result of the trust return. If the rental income was a part of the trust, the trust return may need to be amended to reflect the income. How things are allocated by the trust on the K-1 issued to each beneficiary depends on the terms/conditions of the trust and will be reflected on each individual's Schedule K-1. You cannot just add information to the K-1 without making changes to the trust return on Form 1041.
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‎July 1, 2020
6:26 AM