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planeart
Level 1

Schedule K-1, Form 1041

I am filing my mother's taxes. She is the beneficiary of the income from a trust located in West Virginia. 

She files her taxes as a GA resident.

 

In TurboTax, K-1 Trust section,

In line 14 it is Code Z which is  "other".

Under Income Detail it states "select the state and the amount of tax-exempt income interest reported...." 

 

I have the amount but am unsure whether this should be designated WV (trust location) or GA (her residence).

 

Any help is appreciated

 

 

1 Best answer

Accepted Solutions
tagteam
Level 15

Schedule K-1, Form 1041

You can most likely select "More Than One State" since the interest is probably from a fund that invests in municipal bonds issued in multiple states.

 

Check with the trustee (or the party responsible for preparing the trust's income tax return) to be certain.

View solution in original post

3 Replies
tagteam
Level 15

Schedule K-1, Form 1041

You can most likely select "More Than One State" since the interest is probably from a fund that invests in municipal bonds issued in multiple states.

 

Check with the trustee (or the party responsible for preparing the trust's income tax return) to be certain.

JamesG1
Employee Tax Expert

Schedule K-1, Form 1041

Did the K-1 from the trust administrator provide beneficiary instructions, an attachment or enclosed schedule which provides the state information?

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planeart
Level 1

Schedule K-1, Form 1041

Thanks to you both. The trustee is very busy so I wanted to ask here because I knew I would get a good answer!

 

Duh, I didn't scroll down to see the "more than one state" option. BTW, I also have a lot of trouble figuring out how to get back to that K-1 form once I've started it. It's probably just me but it's frustrating. I've had to mark it with a flag.

 

Thank you both!

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