Question

Schedule k-1 (form 1041) box 5

Forum|Forum|6 years ago
February 28, 2020
1 reply
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I have an entry on schedule K-1 box 5 for a yearly distributins from a trust. Turbo Tax wants me to put a trade or business in section D1 and a trade or business ID number in sectin D2. This is not from a business. Do I need to put entries in these fields? How do I get by TurboTax smart check if I leave them blank?

A

Anonymous_

Employee

@Redley2 wrote:

I have an entry on schedule K-1 box 5 for a yearly distributins from a trust. Turbo Tax wants me to put a trade or business in section D1 and a trade or business ID number in sectin D2.

Is Line 14 (with an "I" code) populated on your K-1? If so, enter the information from the statement you received with your K-1.

R

Redley2Author

No, nothing on line 14. The only other entry on my K-1 is line 12 (with an "A" code and a amount of 0.00).

A

Anonymous_

Employee

@Redley2 wrote:

No, nothing on line 14. The only other entry on my K-1 is line 12 (with an "A" code and a amount of 0.00).

I cannot reproduce your results after several attempts. I would recommend deleting the entire K-1 and re-entering it in the program (something might have gotten flagged wrong at some point).