Question

estate distribution reporting

Forum|Forum|4 years ago
February 24, 2022
1 reply
0 views

I have received a K1 as a beneficiary to a Trust ( the grantor passed in 2-21). Federal return reporting is clear.

But how do I report the beneficiary income in Illinois in Turbotax ( I have received a K-1-T for Illinois reporting) while I report all my personal income in the state that I live in for the entire year? I am a full time resident in South Carolina but there are significant gains to be reported in Illinois.

TurboTax Home & Biz Windows

T

ThomasM125

You file a non-resident tax return in Illinois. For that return, you need to enter the Illinois K-1 form in the federal section of TurboTax in place of the Federal K-1 form. So, you prepare your federal tax return with the Illinois K-1, then file your Illinois tax return. You then change the federal return to replace the K-1 schedule with the federal K-1. Then, you file your federal and South Carolina return.

When you do your South Carolina tax return, look for a credit for taxes paid to another state, as you may get a credit for taxes paid to Illinois.

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