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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- LINE 20 P ON A KI
LINE 20 P ON A KI
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chrisgarywhip
Level 2
03-18-2023
04:07 PM
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I have 453 a(c) is line 20 P, this needs to flow through a KI to beneficiaries. Is this taxable to the beneficiaries? Has anyone seen this before? My thought is this flows through to the KI (beneficiary) line 14 but what letter do i use? We are stumped as to where this entry goes on a trust. This was a living trust that is now been changed to a irrevocable trust.
any advise would be appreciated?
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PhoebeRoberts
Level 11
03-18-2023
04:44 PM
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Normally when I see that on a 1065 K-1, it's the partner's share of deferred gain, not the tax calculation. You just need to memo each beneficiary's share anywhere on the K-1, and their tax return preparer determines whether they owe the relevant tax.
