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Investors & landlords
Since you are working in TurboTax Business, you can track the source of the numbers on forms.
Right-click on the number in Line 14 and choose "Data Source." Here is what the tax help pop-up says:
"The amount of income distributed to the beneficiaries for each column is the smaller of Schedule B (Form 1041), line 15, or Schedule B (Form 1041), line 15 multiplied by the ratio of the amount on line 13 for each column to the sum of line 13, columns (a) through (f)."
Schedule B is found on Form 1041.
You may find that you need to adjust allocation percentages or other numbers to arrive at a meaningful number on Dist Inc - K1 Line 14.
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‎February 28, 2024
2:05 PM
4,314 Views