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Level 1
April 14, 2021
Question

Schedule K-1 form 1041

  • April 14, 2021
  • 2 replies
  • 18 views

Box 14 Foreign income- Will the amount be the same for gross income source of beneficiary level and gross income source of beneficiary level foreign source income? If not the same where can I find the amount of income for each of those?

2 replies

Level 15
April 14, 2021

Contact the trustee, but the figures should be the same.

Level 15
April 14, 2021

The trustee should be able to tell you if the foreign source income is the same amount as the gross source income.

 

The gross source income should be reported to you on lines 1-8 of the K1 from the trust/estate.  The foreign source income should be reported on a statement attached to the K-1.