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ngog
Level 1

income from inherited trust

I have less than $3000 income from a trust set up by my deceased father. The K-1 shows income in lines 1-2b that is in excess of the $3000. Box 14 shows a Foreign Tax of $124, with gross income and qualified dividends shown related to the foreign tax . In addition there is "U S Government interest reported as dividends" of $118. I am using Turbo Tax Premier. What is the "income category" for box 14 "general or passive". When I enter the numbers the way I think that should be, there is a $400 increase in my federal tax.  Am I entering this correctly ? This seems like a high tax on a small inheritance.

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1 Reply

income from inherited trust

passive category for the FTC on dividend income

your tax depends on what other income you have and your filing status

 

for single its 22% for taxable income above about $45,000  for taxable income between $11K and $45K being taxed at 12%

so if between brackets about $500 in additional taxes reduced by the FTC.

you'll need to review form 1116 to see if the full about is allowed.  

 

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