We have distributed both Income and proceeds from assets in 2024 and reported on 1041. A portion of the non taxable are showing up on the K-1, line 5. How do I fix?
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We have distributed both Income and proceeds from assets in 2024 and reported on 1041. A portion of the non taxable are showing up on the K-1, line 5. How do I fix?
As an example $40,000 from his IRA (taxable) and $40,000 from proceeds of art sales (no gains)... so I was expecting only $40,000 on K-1 line 5 but there is $60,000.
posted
yesterday
last updated
March 13, 202510:24 AM
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