Why is the 1041 information not transferring correctly to the K-1?

[kayelena]

I am preparing a return for a simple trust with brokerage information from two 1099 forms.  The total interest is $8.  The interest shown on the K-1 is $120.  I have gone back and checked my entries in the worksheet and they are correct.  The correct amount of interest, $8, is shown under interest on the 1041.  Why is this happening and what do I need to do to correct it?

[tagteam]

There must be some sort of input error someplace on your return.

Have you checked your 1041 in Forms Mode?

Regardless, does the trust have any other income (other than $8 in interest)? If not, you don't even need to file. If there is other income, make sure it did not get entered as interest. 

[kayelena]

Thank you for your response.

Yes, I checked and the interest amount was entered correctly on the worksheet and is correct on the 1041.  There is also dividend income and Capital Gains income.  Both appear to be correct on the K-1.  The worksheet and 1041 show $8 in interest, yet the K-1 shows $120. 

This is a very simple return with nowhere I can see to make an error.  Any help you can give will be sincerely appreciated.

Kay Archer

[tagteam]

I can't see your return so there is little I can do other than suggest reviewing your return in Forms Mode carefully.

Did you enter the interest in Step-by-Step or did you enter it in Forms Mode on a worksheet.

Did you get a 1099-INT? 

The program wouldn't simply enter an amount that didn't exist and was never input.

[kayelena]

Curiously, the error looks to stem from the K-1 worksheet. 

[tagteam]

In the distributions section, did you input an amount or percentage?

[kayelena]

I'm not sure which distribution section you are referring to.  As I remember there were two places that asked me that question.  I listed 100% and then in the other place, I think it referred to capital gains and I entered the total dollar amount in that field.

[kayelena]

Looks like the non-qualified dividends also didn't transfer correctly on the K-1 Worksheet

[tagteam]

The Distributions section of the program:

[tagteam]

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@kayelena wrote:

Looks like the non-qualified dividends also didn't transfer correctly on the K-1 Worksheet

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One suggestion I would make at this point is to simply start another return. 

From your screenshot, it does not appear as if you have a number of transactions to input but, rather, only have interest, dividends, and, possibly just capital gain distributions. 

Clearly, the wheels came way off the bus somewhere on your current return.

[kayelena]

You are right, the wheels came off somewhere.  I deleted the file, rebooted my computer and entered the information again.  The result is different from the first time, but still incorrect.  How can I get help with this?

[tagteam]

Support:

What is the TurboTax phone number? (intuit.com)