Intuit HelpIntuit
Fiduciary 1041 passthrough income apportioned to income or corpus in Lacerte
by Intuit• Updated 5 months ago
To report estate or trust income from pass-through entities that should be reported as trust accounting income, review these options below.
To set this option for a specific client:
- Go to Screen 5, Accounting Income.
- In the Accounting Income Option Overrides section, enter a 1 in Include flow-through K-1 entries: 1 = yes, 2 = no [O].
- Entering 1 will include income and expense items from a flow-through Schedule K-1 in trust accounting income.
- Entering 2 will exclude income and expense items from a flow-through Schedule K-1 in trust accounting income (this is the Lacerte default).
To set this globally for all clients:
- From the Settings menu, select Options.
- Select the Tax Return tab.
- Go to the Accounting Income Options section.
- Change the option in Include Flow Thru K-1 Entries to Yes.
Sign in now for personalized help
Ask questions, get answers, and join our large community of Intuit Accountants users.
More like this
- Fiduciary 1041 passthrough income apportioned to income or corpus in ProConnect Taxby Intuit•1•Updated over 1 year ago
- Common questions for Fiduciary Schedule D in Lacerteby Intuit•11•Updated January 23, 2024
- Common questions for Fiduciary Schedule D in ProConnect Taxby Intuit•Updated January 23, 2024
- Entering noncash contributions from an S Corp K-1 into a fiduciary return in Lacerteby Intuit•9•Updated over 1 year ago