If the trust received income and a distribution was made to a beneficiary, there will be reportable income on the Schedule K-1. If the trust received no income, the result on Schedule B line 15 should be $0 and no income will be passed through on the Schedule K-1.
Nothing of the distribution of corpus will appear as taxable income on the Schedule K-1. If the trust did receive income, the distribution to the beneficiary is treated as coming first from the income and will appear on the Schedule K-1 in the box associated with the type of income. You can't distribute corpus without first distributing income. When making the entry in TurboTax Business, a distribution of corpus is indicated by increasing the amount that TurboTax shows as distributed to beneficiaries to an amount above that beneficiary's share of income to the trust.
