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Inherited IRA Trust 1099R - TurboTax Business

Product: TT Business

Trust first reporting calendar year

The only income the trust has had was the dividends and interest it generated.  No outside income.

As trustee I calculated and had the Financial Institution do a RMD to the sole trust beneficiary.

Have only received the forms 1099R reflecting the distribution and form 5498.

 

I used the Federal Taxes, Distributions tabs, answered the question (1 beneficiary, 100%).  Trust Accounting Income is 0.00, I made no adjustments.  For Trust Income Distribution, I answered "No" that a different amount was distributed.  Entered the 1099R 2a number, it's the same as box 1.

 

The beneficiary K1 has no information shown, a blank form, excluding Part 1 and 2 information.  All boxes are empty.

 

I'm obviously doing something wrong.  Please advise on what I'm missing.

 

 

 

 

 

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1 Reply
AmyC
Employee Tax Expert

Inherited IRA Trust 1099R - TurboTax Business

The trust has 1099-R income that must be included.

 

I am going to assume the trust owns the IRA. IRA distributions are considered taxable income and as such are taxed to the trust unless distributed to the beneficiary, which is what you are trying to do.

 

 The trust would have the income showing income on 1099R and distributed would show on the k1.  

 

Once you add the income, you will be able to see the flow through to the k-1.

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