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Common questions about Fiduciary Passthrough K-1 Tax Exempt Income in ProConnect Tax

by ProConnect Tax Online Updated 7 months ago

To enter tax-exempt income from Schedule K-1 into a Fiduciary return:

  1. Go to Input Return Income Passthrough K-1's
  2. Select the Lines 12-20 tab.
  3. Scroll down to the Tax-Exempt Income (18) section.

Where do I enter nondeductible expenses from a 1065 Passthrough K-1 for Fiduciary Return?

The 1065 Schedule K-1 Instructions for Box 18, code C state that "nondeductible expenses paid or incurred by the partnership are not deductible on your tax return.  Decrease the adjusted basis of your interest in the partnership by this amount if necessary." Basis limitation does not apply at the Fiduciary level.  However, you can include the nondeductible expenses amount as supplemental information on Individual beneficiaries' Fiduciary Schedule K-1.

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