Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 4, 2019 1:41:21 PM

Foreign Dividend Income on K-1 (Form 1041)

I input all of the information from my K-1, and now I'm supposed to enter detail about foreign income reported (Box 14 on K-1 reported foreign taxes). I don't know what to input for gross income sourced at beneficiary level, or the breakdown of the gross income for US and foreign. 

I do have a form attached to my K-1 that lists the following amounts for foreign dividend income: qualified portion on K-1 (for line 2b) and total included on K-1 (for line 2a). On that same page, there is also foreign tax credit information, which lists country, gross income, and taxes. 

0 1 4357
1 Replies
Level 10
Jun 4, 2019 1:41:23 PM

For gross income sourced at bene level I would put the total income shown on the K-1 that you received. Probably box 14, code E. 

For the breakdown I would enter as foreign the amount of foreign dividends in the statement. The difference should be automatically put in the US part by TT or you can do the subtraction.

Not sure what to do with the country indication. If the entity got the income from investments I would consider using "RIC" (regulated investment company) as the country. Not sure that is correct if the income was not from mutual funds (e.g. stocks or operating businesses).