I got a sch K-1 for $335 for trust interest. I will not owe taxes. Don't want to pay for expensive tax software for K-1. Can't I just report it as interest income?

olepaint67 — Sun, 12 Apr 2020 06:40:48 GMT

Re: I got a sch K-1 for $335 for trust interest. I will not owe taxes. Don't want to pay for expensive tax software for K-1. Can't I just report it as interest income?

Anonymous_ — Sun, 12 Apr 2020 14:17:19 GMT

You can report the interest in that manner, and the interest will be reported, but it will not be reported properly and may raise matching issues with the IRS.

The reason is because the information about the entity from the K-1 is also reported on page 2 of Schedule E. If you simply report the interest as such (as if from a 1099-INT, for example), the name of the trust, EIN, etc. will not appear on Schedule E.

topic I got a sch K-1 for $335 for trust interest. I will not owe taxes. Don't want to pay for expensive tax software for K-1. Can't I just report it as interest income? in Get your taxes done using TurboTax

I got a sch K-1 for $335 for trust interest. I will not owe taxes. Don't want to pay for expensive tax software for K-1. Can't I just report it as interest income?

Re: I got a sch K-1 for $335 for trust interest. I will not owe taxes. Don't want to pay for expensive tax software for K-1. Can't I just report it as interest income?