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tjkerschner
February 19, 2025
Solved

I have Schedule K-1 line 1 & 2 items from a trust. I'm using turbotax deluxe and it is putting these items on schedule B instead of schedule E. Why?

  • February 19, 2025
  • 1 reply
  • 0 views
The interest and dividend income shows up on schedule B and schedule E p 2 prints with the trust name but nothing filled in. How should I handle this?
    Best answer by PatriciaV

    Income on Form 1041 Schedule K-1 in Boxes 1 & 2 is considered portfolio income, while most other K-1 items are passive income. The two types of income cannot be used to offset each other in the case of a loss.

     

    For this reason. interest, U.S. Bonds, and dividends in boxes 1 and 2a will transfer to your Schedule B. You should see a line item with the name of the trust and the amount you entered from the K-1. Interest under Part I and Dividends under Part II.

    1 reply

    PatriciaV
    PatriciaVAnswer
    Employee
    February 20, 2025

    Income on Form 1041 Schedule K-1 in Boxes 1 & 2 is considered portfolio income, while most other K-1 items are passive income. The two types of income cannot be used to offset each other in the case of a loss.

     

    For this reason. interest, U.S. Bonds, and dividends in boxes 1 and 2a will transfer to your Schedule B. You should see a line item with the name of the trust and the amount you entered from the K-1. Interest under Part I and Dividends under Part II.

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    T
    tjkerschnerAuthor
    February 20, 2025

    Thank you that makes sense!

     

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