I received 2019 trust income in 2020. The k-1 ends december 2019 but turbotax won't allow that. How do I report the income ?

cathybravo · ‎February 5, 2021

It's due to the passing of the grantor. We only just finished dealing with the 2019 trust, and so that income was disbursed in 2020. It doesn't belong in my 2019 return because that's not when I received it.

MarilynG1 · ‎February 5, 2021

If your K-1 is dated 2019, you need to enter it in your 2019 return (or amended return), unless you can get a corrected 2020 K-1 from the Trust.

Click this link for info on How to Amend a Prior Year Return.

This link has more info on Form K-1.

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cathybravo · ‎February 6, 2021

Thank you for your response.

We're doing the 2020 trust taxes now. We can put the disbursements in 2020, but what do we do with the 2019 K-1s already filed? Do we amend the 2019 trust tax return without issuing K-1s? Asking all the beneficiaries to amend their 2019 tax returns for income they didn't get in 2019 doesn't seem right.

Should we call the IRS to see what they want us to do?

MarilynG1 · ‎February 8, 2021

If your K-1 is a '2020' form, you can include it in your 2020 tax return (screenshot).

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I received 2019 trust income in 2020. The k-1 ends december 2019 but turbotax won't allow that. How do I report the income ?

Retirement tax questions

Retirement tax questions

Retirement tax questions