Good morning!
I am both the trustee and a beneficiary on my parents' trust (and using Home and Business in addition to Business). This is the first year that there are been distributions to beneficiaries. When I look at the K-1 that I created for myself, one of the lines in Box 14 shows "I" and "STMT". After reading other posts on here, I understand that STMT refers to a statement that should have more information on amounts that the beneficiary would use for their taxes. However, the only additional document that is included is called "Beneficiary's Share of Income, Deductions, Credits, etc." and the information listed refers to Box 9. In Turbo Tax Business, I see a Statement A in the Forms section, but it didn't print out with the Schedule K-1 and the information on it is confusing when trying to apply it to the questions asked in Home and Business.
Here are my questions:
- Should a statement have printed out with the K-1? If so, what will it look like and how do I get that to happen? If not, how should the beneficiary handle Box 14?
- If the Statement A is the correct document, how do I determine which of those numbers gets entered in to the beneficiary's tax return? I will need this info for myself as well as for the other beneficiaries.
I would be grateful for any guidance available on this challenge I am having.
Thank you!
Zak
