topic Re: Trust Taxes - 1099-R for Form 1041 in Get your taxes done using TurboTax

Trust Taxes - 1099-R for Form 1041

Thos — Fri, 31 Jan 2025 20:34:49 GMT

I purchased Turbotax Desktop for Business as it was marketed as a solution for filing form 1041 for a trust. I have not been able to find anywhere in the software where I can enter a 1099-R. I have successfully entered several 1099-INT, but nowhere does Turbotax lead me to a screen that allows entering 1099-R. How do I proceed? Where do I enter this. I need make sure the information makes its way into the K-1 forms to submit to the beneficiaries.

Re: Trust Taxes - 1099-R for Form 1041

BillM223 — Fri, 31 Jan 2025 21:35:25 GMT

Click on Federal Taxes on the menu bar, then Income, then Other Income or Loss, then answer yes that you have other income, then enter the income from box 2a (yes, 2a).

Yes, this means that there is no specific screen for entering a 1099-R into a trust return. As a champ dmertz puts it, 1099-R distributions to a trust have none of the complexities of such a distribution to an individual (such as early distribution penalties, RMDs, QCDs, HSA Funding Distributions, etc. - it's just income), so it is as simple as entering the income as Other Income.

Re: Trust Taxes - 1099-R for Form 1041

dmertz — Sat, 01 Feb 2025 13:50:29 GMT

Other Income is line 8 of Form 1041. If the income is passed through to trust beneficiaries for taxation on the beneficiaries' tax returns (and a deduction is taken on the trust's tax return for this Distributable Net Income), the beneficiary's share will then be shown on the Schedule K-1 in box 5, Other Portfolio and Nonbusiness Income.