Can Form K-1 show less tax liability than the amount entered as an RMD for IRA on Form 1041? The reduced liability is due to reduced DNI, but this is more than the basis.
Announcements
Do you have a TurboTax Online account?
We'll help you get started or pick up where you left off.
Can Form K-1 show less tax liability than the amount entered as an RMD for IRA on Form 1041? The reduced liability is due to reduced DNI, but this is more than the basis.
The reduction calculated for Form K-1 is more than the allowable basis reduction.