Are you trying to report a K-1 Beneficiary’s Share of Income, Deductions, Credits? If so, this form can be reported in TurboTax online version Premier or above.
In the magnifying glass in the upper right hand corner of the screen, enter 'schedule k-1'. Click on 'jump to schedule k-1'
Trusts and estates use Form 1041 to file their tax returns. In some cases, the trust pays the income tax on their earnings rather than passing it through to the beneficiaries. However, some trusts and estates pass income through to the beneficiaries.
- In this case, the beneficiaries receive a K-1 that shows the income that they need to report on their own tax returns.
- Whenever a beneficiary receives a distribution of income, the trust or estate reports a deduction for the same amount on its 1041.
- This keeps the trust or estate from being taxed on this income so that the income is only taxed once.
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