It’s still complicated. Get to the point for most specific common things. I have rental loss for the year on K1. I have other loss and some small gains. All passive. Should I do anything with my K1 or not
this was helpful, thanks. I am involved in multiple partnerships and file my own taxes. 2 of my partnerships got rolled up into 1 partnership (along with another partnership I wasn't involved with). How does one 'roll over k1s into a new k1)?
I know the video is old but hoping for a response. Must say learn more about k 1 watching this then reading anything else Don’t know if anyone can answer this my wife received a K-1 must say one of the most confusing forms the irs has created! Any way the major tax program I am using has not asked for federal tax it asked for state taxes. The trust’s account put the tax paid under box 14 labeled it code z with an attached federal statement which includes Item fed and state taxes paid cash and total So when I enter it there is no credit given for the federal the program asks how much was paid in state tax. So when I go to the 1041-t line 2 instructors column (d) and enter the paid tax as if it were Done as stated “also report this amount in box 13 of schedule k-1 ( form), using code A” When I pretend that it was entered as above Bam , everything falls in place and we are even do a refund! So does the high paid and respected trust account have taxes paid in the wrong place? This should be easy the taxes are long term capital gains on land a the estate owned. We just want to call the trusts accountant and not sound like fools their cover letter invites us to do so. I realize the numbers on all documents are being cross checked I could just refer it on o our 1040 as if it were on line 12 but it will not cross reference. With the k-1!
Excellent lector. Thank you
Thank You very informative and helpful!!!
Great presentation.
great lecture. Thank you! 03/10/2024
It’s still complicated. Get to the point for most specific common things. I have rental loss for the year on K1. I have other loss and some small gains. All passive. Should I do anything with my K1 or not
this was helpful, thanks. I am involved in multiple partnerships and file my own taxes. 2 of my partnerships got rolled up into 1 partnership (along with another partnership I wasn't involved with). How does one 'roll over k1s into a new k1)?
Thank u!
Just can't get a simple answer to how to determine the UBI when it's an IRA.... Nobody I have found will explain this.
Do we need to follow return for a foreign trust that did not make any income? 0 for the year. Thanks
I know the video is old but hoping for a response.
Must say learn more about k 1 watching this then reading anything else
Don’t know if anyone can answer this my wife received a K-1 must say one of the most confusing forms the irs has created!
Any way the major tax program I am using has not asked for federal tax it asked for state taxes. The trust’s account put the tax paid under box 14 labeled it code z with an attached federal statement which includes
Item fed and state taxes paid cash and total
So when I enter it there is no credit given for the federal the program asks how much was paid in state tax.
So when I go to the 1041-t line 2 instructors column (d) and enter the paid tax as if it were
Done as stated “also report this amount in box 13 of schedule k-1 ( form), using code A”
When I pretend that it was entered as above
Bam , everything falls in place and we are even do a refund!
So does the high paid and respected trust account have taxes paid in the wrong place?
This should be easy the taxes are long term capital gains on land a the estate owned. We just want to call the trusts accountant and not sound like fools their cover letter invites us to do so.
I realize the numbers on all documents are being cross checked I could just refer it on o our 1040 as if it were on line 12 but it will not cross reference. With the k-1!
It's $100 exemption for a complex trust. $300 exemption for a simple trust.
who is the "recipient" you are referring to?
Recipient of the K-1 i.e. beneficiary of estate or trust, partner, or shareholder of S corporation