K1 1041 Personal not business

CRGVLG2021 — Sun, 07 Mar 2021 02:22:19 GMT

I am using Turbotax Home and Business to prepare our 2020 taxes. I have a K1 (form 1041) as an Estate Beneficiary. The program keeps putting it in the business section rather than the personal section. I can not seem to move it. Now what?

Re: K1 1041 Personal not business

jtax — Sat, 13 Mar 2021 23:26:34 GMT

What do you mean puts it in the "business" section? I see 1041 info under "personal" but the title of the section is "Business Investments and Estate/Trust" income. (see below) If that's what you're seeing that is fine. It doesn't mean it's "business" income, but rather that the income came from EITHER a business investment (partnership, LLC, s-corp) OR an Estate/Trust.

You can also check on your forms before you file. For example, if the trust paid interest or dividends and you file Schedule B, it should appear there.

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K1 1041 Personal not business

Re: K1 1041 Personal not business