Question

I received a K-1 for a Trust Distribution. It's a Final Year deduction w/ long term capital loss carry over. Foreign taxes were paid. Is this general or passive income?

Forum|Forum|2 years ago
April 9, 2024
1 reply
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I received a K-1 for the same trust last year with intesst and divident income. Again, foreign taxes were paid. I reported it as General Income, but am now thinking it should have been passive.

TurboTax Online

SusanY1

Interest and dividends would be passive income. It may not make a material difference to your tax return, but I would still recommend amending so that any carryforwards of credits are carried in the right category.

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