Solved
Schedule K-1 and Bank Fees
We received a Schedule K1 from a trust managed by a bank. Can the bank fees be deducted from the income received? Is there any way to account for these fees?
The fees should be an expense on the trust return and the difference, net income, should be what shows up on the beneficiary K1s. If this is not how it was handled, maybe discuss with the person or persons who prepared the trust return.
Please update here if you have questions and we will help.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
