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Where do I enter margin interest paid and partnership distributions from a form 1099-int on a fiduciary return?
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Margin interest: Screen 30 - info would be for Form 4952
Partnership distribution - From a partnership K-1? If it's not a taxable distribution, it would not affect the 1041. It would affect the asset & equity in the trust accounting. 1041 does not require accounting for the balance sheet items. I don't think it goes on the tax return.
I come here for kudos and IRonMaN's jokes.
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Neither of those items would be on a 1099-INT.
I agree with barks at Lacerte and would add::
You have to enter the income/loss from the partnership K-1 into the 1041.
The more I know the more I don’t know.
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I drafted my posting with the image that, perhaps, the margin interest was reported on page 20 of a consolidated Form 1099 which started with Form 1099-INT on Page 2. That was why I questioned only the Partnership distribution.
I come here for kudos and IRonMaN's jokes.
