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Level 3
May 7, 2021
Solved

1041 K-1's not matching 1041 tax return

  • May 7, 2021
  • 2 replies
  • 14 views

Working on my first 1041 in 25 years.  I have no alternative min. tax on the 1041 but the software is putting an amount on line 12 of the K-1 with an A. On the schedule I the return shows on line 27 $371.00 but because it is less than $25,400 there is no alternative min. tax due.  Should the beneficiaries be charge the alternative min. tax?

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Best answer by sjrcpa

12A is information for the beneficiaries  to use in their AMT calculations. It is not AMT.

2 replies

Accountant-Man
Level 13
May 7, 2021

Does the 1041 have a deduction for taxes?

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RG62_2Author
Level 3
May 7, 2021

Yes property tax paid on some real estate 

Accountant-Man
Level 13
May 8, 2021

Tax is an AMT adjustment.

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sjrcpa
sjrcpaAnswer
Level 15
May 7, 2021

12A is information for the beneficiaries  to use in their AMT calculations. It is not AMT.

The more I know the more I don’t know.
RG62_2Author
Level 3
May 8, 2021

Thank you so much

sjrcpa
Level 15
May 8, 2021

You're welcome.

The more I know the more I don’t know.