Hello community! My dad has a trust. It has a bank account that made interest. He received a K1 from the trust from these earnings.
On Turbotax for his Schedule K-1 it asks:
Box 1 - Interest
Box 2a - Total Ordinary Dividends
Box 2b - Qualified Dividends
QUESTION: Which box do I put his K-1 amount in?
Here is why I am confused. The trust can make money in different ways I assume. Just because the whole income of the trust was from a bank account intest, does that mean it goes under interest income on my dad's K-1?
Thank you
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Doesn’t the K-1 have the amount in a box? Enter the K-1 exactly as shown.
Yes it does. It's in box one under Interst Income. I am the one that did the Trust Taxes and there is no guarantee I filled out the K-1 correctly that I sent my dad for his 1040SR. 😣
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