Schedule E
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
TurboTax has you covered during Covid. Get the latest stimulus info here.
Showing results for 
Search instead for 
Did you mean: 
Returning Member

Schedule E

Trust beneficiary k-1 passive income amount (K-1 #7) on schedule E #33d and #37 is falsely being added to schedule E # 41 total income.  Total income on 1041#5, 9 and 17 are now the net income plus K-1 income.

2 Replies
Expert Alumni

Schedule E

The 1041 K1 amount on line 7 would be reported as income on the beneficiaries tax return.  If there was a loss amount on the K1, if would be subject to the passive loss rules for rental real estate.  If there is a profit on line 7 of the K1, it would flow through to the beneficiary and offset any beneficiary passive losses.   During the K1 input into TurboTax,  if there was no passive income to offset from this or previous years, all the income would flow through the Sch E  to the 1040 and be taxed.



Returning Member

Schedule E

Thanks for quick reply

I do not add the K-1 amount to be distributed to the trusts k-1 tab?  Only to my personal taxes?  Right? thanks!

Dynamic AdsDynamic Ads
Privacy Settings