This discussion has been locked. No new contributions can be made. You may start a new discussion here
@davetodd11 wrote:
the amount comes from the Part II, Line 4 of the Distributable Income for Schedules K-1, but it is excluding the amount of taxes on Non-Passive Income (Column 4(e)).
Unless I'm missing something, your lack of information makes it difficult or impossible for anybody to help you.
It is a 1065 K-1.
Line 4 of Part II of the "Distributable Income for Schedules K-1". PS takes you to this worksheet when you right-click on the Form 8960, Line 9b figure, select "Cross-Reference", and you then click link in the Help Center results that come up. Photo added below:
It is probably because I don't have a filled-in K-1 with the proper information, but unfortunately my Cross Reference shows something different, and I can't even find that Distributable Income worksheet.
However, I did notice that the bottom of your first picture mentioned rental income, but it is showing up in the column of the second picture as non-passive income. Why is it is non-passive? *IF* the rental is (1) a "trade or business" and (2) is non-passive, then 8960 would not apply to that income. Might that possibly be what is going on???
I have heard of Form 1120S and Form 1065, but not Form 1165
Is picture one for a F1041? It shows "How to Use 1041" on the left side under Tax Return Help.
There is no rental income from the 1065 K-1 that was provided to the trust. PS indicates in the Help Center data that the "rent and royalty income from: Distributable Income from Schedule(s) K-1 -- Part II, line 4, col (e)" would be included, but I see nothing in the instructions for Form 8960 that would indicate the exclusion of non-rental/non-royalty passive income. That's what I'm trying to clarify.
You are correct. I see now where I had a typo, and meant 1065.
Yes. This is for a 1041 return for a trust.
Still looking for an answer to this issue. Am I really the only one experiencing it? If anyone has a clue, and there is more info that I can provide, please let me know.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.