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Thank you. That does seem to be an option but after going back in I was able to clear out the Sch NR that was populated then completed the worksheet for the k-1-t and it seems to be reporting the right numbers now. Appreciate your input
Most of the time, beneficiaries are only subject to tax on income from intangible (interest, dividends & capital gains) in their state of residence. An exception would be if the income is business income.
I don't know ProSeries but there must be some input to prevent the withholding tax.
lizfidoruk,
You can allocate interest/dividends between business/nonbusiness income on the Business Income Worksheet. Any amount classified as nonbusiness income would not be subject to withholding tax on the K-1-T(3).
Thank you for your response. That's what I thought but seeing two trusts from two different firms that had a similar situation and they had calculated the pass thru withholding plus the form populating in pro series had me questioning myself. I appreciate you taking time to respond
Thank you. That does seem to be an option but after going back in I was able to clear out the Sch NR that was populated then completed the worksheet for the k-1-t and it seems to be reporting the right numbers now. Appreciate your input
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