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Level 2

Question

Can I download a K1 prepared on TurboTax for a trust directly into my personal tax prep version of Turbotax?

Forum|Forum|6 years ago
March 30, 2020
3 replies
35 views

No text available

TurboTax Online

Alumni - Intuit

No, unfortunately, you will have to enter the K-1 yourself.

Click the link for more details: Where do I enter a K-1 I received?

Level 2

It would be helpful if TurboTax enabled imports for this purpose.

Also, why would the Distributable Income for the K-1 form from the Trust’s Form 1041 calculate distributed amounts on line 14 in Part II as more than the total distributable amounts on line 13?

Thanks,

Larry G

Alumni - Intuit

It depends what is included on Box 14 and Box 13. There are tax-exempt elements reported in Box 14. However, per TurboTax Employee Tax Expert KarenM, a common reason these two values would differ would be from capital gain distributions, if assets were sold or if it was a final trust return.

See Schedule K-1 (Form 1041) page 2 and the 2019 Schedule K-1 (Form 1041) Instructions

I will pass along your suggestion to enable imports for Schedules K-1!

[Edited 4/10/2020 | 2:37 PM PST]