topic I received an inheritance from a trust fund. dont know where to enter it in Business & farm

I received an inheritance from a trust fund. dont know where to enter it

kdojlb463 — Mon, 03 Jun 2019 17:45:13 GMT

Generally the beneficiaries of a trust do not pay tax on...

MichaelMc — Mon, 03 Jun 2019 17:45:16 GMT

Generally the beneficiaries of a trust do not pay tax on distributions from the trust's corpus, or principal. Distributions from the trust's income are taxable to the beneficiaries in the year received.

You should have received a Schedule K-1 from the trustee. This document will break out the corpus and income distributions. To enter the K-1 in TurboTax, please follow these steps:

Open your return in TurboTax. (To do this, sign in to TurboTax and then select the Take me to my return button.)
In your TurboTax program, search for K-1 and select the "Jump to" link in the search results.
This will take you to the Schedules K-1 or Q screen.
Answer Yes and follow the prompts. You may be prompted to upgrade to Premier, if you are using the Federal Free version of TurboTax.
We’ll ask some questions about your K-1, and then you’ll enter the data from the form into TurboTax.

Re: Generally the beneficiaries of a trust do not pay tax on...

BigIronPgmr — Sun, 07 Jun 2020 16:05:21 GMT

What about those of us that don't use the online version of turbotax. I am a beneficiary (technically "current beneficiary") of a trust and I get a K-1 from the trustee every year. where do I put that in when doing my taxes using Turbotax Premier????

Re: Generally the beneficiaries of a trust do not pay tax on...

AnnetteB6 — Mon, 08 Jun 2020 12:31:56 GMT

Take a look at the following TurboTax article for step by step instructions to enter K-1s into your return. The article starts with instructions for TurboTax Online, but there is a link to open instructions for a CD/download version of TurboTax as well. The link is just above the video.

Where do I enter a K-1 that I received?

@BigIronPgmr