Turbotax is not generating Foreign Tax Statement to be attached to Schedule K-1 of Form 1041

Forum|Forum|2 years ago
February 10, 2024
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I am a CPA preparing Form 1041 with Turbotax Business software. How do I get Turbotax to generate a Foreign Taxes Statement for each Schedule K-1? The Foreign Taxes Statement is required to report the beneficiary's share of foreign tax (paid or accrued) and income by category including interest, dividends, rents and royalties, and other income. Can Turbotax generate this, or must I create the statement manually for each beneficiary?

TurboTax Business Windows

Best answer by RobertB4444

Yes, TurboTax can handle it. But the form won't be ready until February 21st.

@sail too

RobertB4444Answer

Yes, TurboTax can handle it. But the form won't be ready until February 21st.

@sail too

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SaraBP42

Same question this year- cannot locate the Foreign Tax Statement to send/attach to the beneficiary with the K-1.

PatriciaV

Employee

You must first enter the foreign income (interest, dividends, royalties, etc.). When you indicate you paid foreign taxes on the income, TurboTax will add Form 1116 to the trust return.

@SaraBP42

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