I’m filling out the K-1 section inTurbotax.
I received a Beneficiary K1 trust /beneficiary form. The form shows deductions in 11A, 11B, 11D, and 14B. No other boxes have any values in them (ie, no income, no capital gains). On my 1040, Turbotax gave me a capital gains loss for 11D and a deduction 11B, also a deduction for Foreign tax (in Sched A, line 6).
However, When I answer the Turbotax questions for Box 14. Turbotax asks me to: “Enter the foreign tax information as shown on Box 14”. It then provides data entry fields for foreign tax items such as
"Interest Expense", "Other Deductions: Total", "Other Deductions Foreign, US Total, "Total Applicable Losses."
I don’t have values for all of these fields, and it seems to me that there’s no reason to fill them out because all that’s in Box 14 is a small amount for Foreign Tax. Do I need to enter data for any of the fields?
Turbotax also asks me to enter: “Qualified Business suspended passive loss”. Not sure what tis means. I just left this blank. Do I need to fill out this field?
Thanks
