I have received a K1 Beneficiary's Share of Income, Deductions, Credits, etc. It has information in box 11 coded B in the amount of $1,044. I have Desktop Deluxe version. When I enter this in the form I am told I need to enter this value elsewhere.
I know from the preparer of the K1 that this value is for income taxes paid.
Based on the prompt from Turbo Tax telling me to add it elsewhere, I searched for income tax.
That led me to the credits and deductions section and Estimates and Other Taxes Paid section yielding this section:
Other Income Taxes Paid in 2021 Withholding not already entered on a w-2 or 1099.
Is this where to enter this amount?
You might want to check again,
Income taxes paid that would be deductible on Line 11 are generally state and local income taxes.
TagTeam-
Certainly understand that it may not go on line 11, what I am seeking is advice on which line it should be entered.
State and local income tax paid on Form 1041.
You would enter that amount in the same section as if you paid state and local income tax (federal income tax paid is not deductible).
The Schedule k1 worksheet for box 11b details that I have to "Manually enter item here and on appropriate tax form or schedule" If the 111B deduction is for federal taxes paid do I not list this on the appropriate form or schedule because it is not deductible? Also if this is not deductible why would the preparer of the K1 have bothered to list it?
@augustine_60134 wrote:
....if this is not deductible why would the preparer of the K1 have bothered to list it?
That is a question for the preparer of the 1041 and the K-1.
Otherwise, federal income taxes paid are not deductible.
Also, if you read the back of your K-1, you should note that Line 11B of the K-1 is for "non-miscellaneous itemized deductions".
We also had to enter a local property tax on line 11B of form K1 for a final K1 filing.
In Turbo Tax, we could enter the property tax amount in the regular step-by-step process. However, to add the description, we had to switch to forms view (under the View menu >> Forms OR by clicking on Forms in the top right corner).
Once in forms view, select the K1 form, scroll to line 11B. You should see the amount you entered. Just to the left of that entry, you should also see a "plus" button (black on gray). Click on the "plus" button to pop open another form in which you can enter the description and the amount again. This will prompt Turbo Tax to generate and append an additional page, with your description, to your federal return.
Hope this helps and best of luck!
@cbaj wrote:In Turbo Tax, we could enter the property tax amount in the regular step-by-step process. However, to add the description, we had to switch to forms view.....
Hopefully, @augustine_60134 is using a desktop version of TurboTax as Forms Mode is not supported in any of the online versions.
Thanks to all ,
I am using the desktop version and was able to switch to forms view and enter this on the Schedule A. turns out not to impact me as I am not itemizing as the standard deduction yields better for me.
Thanks to all for your help!
Thanks to all!
I am using the desktop version and was able to switch to forms view and enter this on the Schedule A. Turns out not to impact me as I am not itemizing as the standard deduction yields better for me.
Thanks to all for your help!