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- How to enter a passthrough entity's K-1 into 1041 program (Lacerte)
How to enter a passthrough entity's K-1 into 1041 program (Lacerte)
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Jody55
Level 2
03-07-2022
07:10 PM
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Long time user, first time question asker! Working on a trust return that has 4 passthrough entity K-1's to enter (all of them real estate rental partnerships). What do I do with Cash Distributions from the partnership K-1's (box 19A)? There is just 1 beneficiary....does all the income in box 1 and 2 flow through to his K-1 from the Trust (less any deductions on the K-1)? Thanks in advance to anyone who can help me out here....
JoAnn M., EA
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sjrcpa
Level 15
03-07-2022
07:19 PM
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Pass thrus to pass thrus is not one of Lacerte's strengths. There is nowhere in the 1041 program to enter distributions from a K-1.
Whether the income from the K-1s flows thru on the beneficiary's K-1 depends on several things:
Type of trust, distributions made to beneficiary, whether the passthru K-1s income is income or corpus to the trust, etc.
The more I know, the more I don't know.
