turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I am a beneficiary of a trust which receives distributions from a rental property llc what do I need to report and how

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

I am a beneficiary of a trust which receives distributions from a rental property llc what do I need to report and how

You should receive a tax reporting statement (most likely a K-1). If not, you should contact the trustee.

JohnB5677
Expert Alumni

I am a beneficiary of a trust which receives distributions from a rental property llc what do I need to report and how

Someone should have had a trust tax return prepared.  That is a Form 1041.  That return will then create a Tax form K-1 for each beneficiary. 

The K-1 is how you would report the trust information.

 

At this late date, you may wish to file for an extension.  This will extend the time you have to file your taxes until October 17th, 2022.

 

On the menu bar on the left that shows.

  1. My Info
    1. Federal
    2. State
    3. Review
    4. File
  2. Select Tax Tools
  3. On the drop-down select Tools
  4. There will be 4 green boxes
  5. Select Tax Topics
  6. Type Extension
  7. You can then start the extension process

Also, you may have to do your state taxes: Do I need to file an extension for my personal state taxes?

 

Remember, an extension gives you more time to prepare your taxes, but it doesn't extend the time to pay your taxes.  If you have an indication that you will owe taxes you should make the payment to avoid additional interest and penalties. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Carl
Level 15

I am a beneficiary of a trust which receives distributions from a rental property llc what do I need to report and how

The trust should issue you a K-1 which you will need in order to complete your personal 1040 tax return. If you have not received a K-1, then contact the trust administrator ASAP. When you enter the K-1 data, it will show up on page 2 of the SCH E of your personal 1040 tax return.

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies