K1 trust form has box 14 has REIT dividends - but turbotax is asking about the business name?

[daveinacave1]

Hello,

I have 2 questions please:

1.

I have a trust K1 form.  Box 14 is marked with Code I section 199A REIT dividends.  However later on in the K1 questions and at the end Turbo Tax keeps asking about the business name and the EIN, however there is no business. 

I believe I read somewhere that I should just put the Trust name on the business?  I do have the trusts EIN to use so that part is not an issue if I do use the trust name.  

2.

I have a foreign tax credit carryover distributed (minimum tax basis) on my K1.  The directions say to enter on form 1116 or schedule A if applicable.

I went through the form 1116 and it did not ask me for the value of the credit.  I know I can input it on the K1 form..but it does not say to do that on my statement.

Help?

Thanks,

Dave

[DawnC]

Yes, use the trust's name and EIN for question #1.  Those dividends qualify for a qualified business income deduction.  

In the year the foreign tax credit is generated, the credit may be allocated to beneficiaries or be used against the estate or trust tax liability.  Any unused carryover may be used only against a future estate or trust tax liability but is no longer available for allocation to beneficiaries.  Any unused foreign tax credit carryover expires at the estate or trust termination.  Only the trust can claim the carryover amount.  

Related topic: 1041-US: Form 1116 FAQs

[daveinacave1]

Thank You so much!

[Freewalkingtree]

I had a very similar situation and went down several rat holes.  The key was what to enter in the EIN data entry.  Thank you DaveinCave for posting the question and DawnC  for your answer.