I received notice on 1/26/24 that the K-1 section of Turbotax was complete. My K-1 Box 1 interest from a Trust was entered but won't register in income summary. Why?

Forum|Forum|2 years ago
January 26, 2024
1 reply
0 views

No text available

TurboTax Basic Windows

AnnetteB6

Interest income reported on a K-1 is transferred to Schedule B and is included with any other interest income you may have reported. The same thing happens with other types of income that can be reported on a K-1. They are generally transferred to other sections of your tax return rather than remaining with the K-1. Therefore, you will not see K-1 income items specifically mentioned in the income summary.

Then, depending on other factors, your return may or may not have a Schedule B included. If not, the interest income is simply reported on Form 1040 line 2b.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"