topic Schedule K {form 1041) in Get your taxes done using TurboTax

Schedule K {form 1041)

Gamze — Wed, 09 Oct 2024 20:50:49 GMT

Hello community! My dad has a trust. It has a bank account that made interest. He received a K1 from the trust from these earnings.

On Turbotax for his Schedule K-1 it asks:

Box 1 - Interest

Box 2a - Total Ordinary Dividends

Box 2b - Qualified Dividends

QUESTION: Which box do I put his K-1 amount in?

Here is why I am confused. The trust can make money in different ways I assume. Just because the whole income of the trust was from a bank account intest, does that mean it goes under interest income on my dad's K-1?

Thank you

Re: Schedule K {form 1041)

VolvoGirl — Wed, 09 Oct 2024 20:54:31 GMT

Doesn’t the K-1 have the amount in a box? Enter the K-1 exactly as shown.

Re: Schedule K {form 1041)

Gamze — Wed, 09 Oct 2024 20:57:27 GMT

Yes it does. It's in box one under Interst Income. I am the one that did the Trust Taxes and there is no guarantee I filled out the K-1 correctly that I sent my dad for his 1040SR. 😣