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I received a K-1 for a Trust Distribution. It's a Final Year deduction w/ long term capital loss carry over. Foreign taxes were paid. Is this general or passive income?

I received a K-1 for the same trust last year with intesst and divident income. Again, foreign taxes were paid. I reported it as General Income, but am now thinking it should have been passive.
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1 Reply
SusanY1
Expert Alumni

I received a K-1 for a Trust Distribution. It's a Final Year deduction w/ long term capital loss carry over. Foreign taxes were paid. Is this general or passive income?

Interest and dividends would be passive income.  It may not make a material difference to your tax return, but I would still recommend amending so that any carryforwards of credits are carried in the right category. 

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