topic Can I download a K1 prepared on TurboTax for a trust directly into my personal tax prep version of Turbotax? in Get your taxes done using TurboTax

Can I download a K1 prepared on TurboTax for a trust directly into my personal tax prep version of Turbotax?

ligoods — Mon, 30 Mar 2020 16:48:26 GMT

Re: Can I download a K1 prepared on TurboTax for a trust directly into my personal tax prep versi...

KathrynG3 — Mon, 30 Mar 2020 18:06:48 GMT

No, unfortunately, you will have to enter the K-1 yourself.

Click the link for more details: Where do I enter a K-1 I received?

@ligoods

Re: Can I download a K1 prepared on TurboTax for a trust directly into my personal tax prep versi...

ligoods — Thu, 02 Apr 2020 14:50:07 GMT

It would be helpful if TurboTax enabled imports for this purpose.

Also, why would the Distributable Income for the K-1 form from the Trust’s Form 1041 calculate distributed amounts on line 14 in Part II as more than the total distributable amounts on line 13?

Thanks,

Larry G

Re: Can I download a K1 prepared on TurboTax for a trust directly into my personal tax prep versi...

KathrynG3 — Fri, 10 Apr 2020 21:37:24 GMT

It depends what is included on Box 14 and Box 13. There are tax-exempt elements reported in Box 14. However, per TurboTax Employee Tax Expert KarenM, a common reason these two values would differ would be from capital gain distributions, if assets were sold or if it was a final trust return.

See Schedule K-1 (Form 1041) page 2 and the 2019 Schedule K-1 (Form 1041) Instructions

I will pass along your suggestion to enable imports for Schedules K-1!

[Edited 4/10/2020 | 2:37 PM PST]

@ligoods