Similar to federal Schedule K-1, an estate or trust uses Wisconsin Schedule 2K-1 to report to you your share of the estate's or trust’s income, deductions, etc. Lines 1 through 12 coincide with federal Schedule K-1. Yes, you will enter the information from this form in your Federal return.
Although an estate or trust is subject to income tax, you are liable for tax on your share of its income. There is never a double tax. If an estate or trust must distribute all of its income, you must report your share of the income distributed whether or not you have actually received it. If the fiduciary has the choice of whether to distribute all or a part of the current income, you must report all income that is required to be distributed to you, whether or not it is actually distributed, plus all other amounts actually paid or credited to you, to the extent of your share of distributable net income.
For Line 11 – Final Year Deductions – Fill in any short-term capital loss carryover on line 5 of Schedule WD or Schedule 2WD. Fill in any long-term capital loss carryover on line 13 of Schedule WD or Schedule 2WD. If you are filing Form 1 or 1NPR, any excess deductions reported on line 11, characterized as itemized deductions, are not allowed to be claimed in computing the Wisconsin itemized deduction credit.
To enter the form in TurboTax, take the following steps:
- From within your Federal return in TurboTax, select the Wages & Income tab at the top of the screen.
- Scroll down to S-Corps, Partnerships & Trusts section. Select "show more" and then select to START/REVIST the K-1 section of TurboTax. From there select that the K-1 is from an Estate or Trust and follow the screen instructions.
Please see this thread for further discussion regarding how to enter the information from the Wisconsin Schedule 2K-1 in TurboTax.
Please see here for the Wisconsin instructions for the form.
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