Turbotax is not generating Foreign Tax Statement to be attached to Schedule K-1 of Form 1041

I am a CPA preparing Form 1041 with Turbotax Business software. How do I get Turbotax to generate a Foreign Taxes Statement for each Schedule K-1? The Foreign Taxes Statement is required to report the beneficiary's share of foreign tax (paid or accrued) and income by category including interest, dividends, rents and royalties, and other income. Can Turbotax generate this, or must I create the statement manually for each beneficiary?

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1 Best answer

Expert Alumni

Feb 13, 2024 1:56:37 PM

Yes, TurboTax can handle it. But the form won't be ready until February 21st.

@sail too

Expert Alumni

Feb 13, 2024 1:56:37 PM

Yes, TurboTax can handle it. But the form won't be ready until February 21st.

@sail too

Returning Member

Mar 25, 2025 6:01:51 PM

Same question this year- cannot locate the Foreign Tax Statement to send/attach to the beneficiary with the K-1.

Expert Alumni

Mar 27, 2025 9:14:27 AM

You must first enter the foreign income (interest, dividends, royalties, etc.). When you indicate you paid foreign taxes on the income, TurboTax will add Form 1116 to the trust return.

@SaraBP42

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Turbotax is not generating Foreign Tax Statement to be attached to Schedule K-1 of Form 1041