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posted Mar 15, 2023 2:05:08 PM

1099R and K-1 double counting in Turbotax

I received a 1099R for a Charitable Remainder Trust (NOT a retirement account) and have to fill out a K-1.  Turbotax counts that same event twice.  How can I fix this?

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1 Replies
Expert Alumni
Mar 16, 2023 3:17:35 PM

If you received a 1099R and a K1 for the same event and both of these report the same distribution amount, report them both and then exclude one of the distributions.   

 

First make your 1099R and K1 entries. After making both entries:

 

  1. Scroll down to Less Common Income in your wages and income section.
  2. Scroll down to Miscellaneous Income, 1099-A, 1099-C 
  3. Click start 
  4. Scroll down to Other reportable income 
  5. Enter description and amount a negative income.  For the description, type in Same distribution reported on K-1 and 1099R. Then enter one of the distribution amounts and put a minus sign in front of it. This will eliminate one of the distribution amounts and now you are not being double-taxed on the same income.