K-1 Form 1041 Box 14 Foreign Gross vs AMT Foreign Gross

I received a K-1 from a trust.

I'm trying to fill out the Gross Income Sourced at Beneficiary Level, Gross Income Sourced at Beneficiary Level: U.S. Source Income, and Gross Income Sourced at Beneficiary Level: Foreign Source Income

Box 14 contains 5 rows:

Foreign Taxes - Code B

Net Investment Income - Code E

Foreign Gross Receipts and Expenses - Code ZZ

AMT Foreign Taxes - Code ZZ

AMT Foreign Gross Receipts and Expenses - Code ZZ

How do I calculate the Foreign Source Income?

3378

Expert Alumni

Apr 15, 2024 2:50:51 PM

It depends. It's usually reported on a supplemental disclosure form or on a k-3 if you have it. If you know how much your total gross income is and how much gross income is sourced at the beneficiary level-US Sourced income, Foreign Source Income is automatically calculated in this section.

Other than this, there is no calculation on your part that must be done. The information must be disclosed somewhere in order for you to complete your return.

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K-1 Form 1041 Box 14 Foreign Gross vs AMT Foreign Gross