Bklyn1_241
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Posts posted by Bklyn1_241
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Do you happen to know the worksheet number?
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i am trying to e-file a Form 1040 that has a foreign payer included on the 1099R worksheet. The payer does not have an EIN. Is there something that I can include in that field to allow the tax return to be e-filed?
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Thank you all for the wealth of information. It is truly appreciated.
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47 minutes ago, BulldogTom said:
I am confused a little bit on who your client is. Is it the Individual or the Trust? Or both? Is the Executrix your client for the Trust? Are there multiple trusts (like one for each sibling)?
The Partnership seems to be reporting to your client their trust's share of income and expense and sourcing it to the state earned. Good so far. The trust (is the trust your client) should be producing tax return(s) based on the 1065 K-1 information and reporting appropriately to each state where there is a filing requirement and providing a 1041 K-1 to the beneficiary(s). The beneficiary(s) should be reporting the information from the trust K-1 on their individual returns to the IRS and the states where they have a filing requirement based off the source of the income.
Tom
Longview, TXMy client is the individual (not the executrix or the trust). The individual receives a Schedule K-1 (1065) in the name and EIN of her trust. I believe each sibling receives one as well.
If I understand you correctly, the following should occur:
(1) Individual receives K-1 (1065) and CA state K-1 for her trust
(2) Trust should file Form 1041 and issue K-1 (1041) to individual. If the source state requires a trust tax return, then one needs to be filed as well.
(3) Individual reports income from K-1 (1041) on personal federal return and source state return.
is this accurate?
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Per the executrix of the will and trusts, this is an irrevocable trust for distributions to siblings. The siblings receive Form K-1 (1065) each year as their trusts are in a partnership where some of the income is sourced in CA. Help!
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On 3/26/2023 at 12:45 PM, Abby Normal said:
That would be nice, but you have to handle this somewhat manually by reporting the income in both states, then taking the credit for taxes paid to the nonresident state.
Thank you Abby!
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TP resides in one state but has nonresident K-1 income for another state. Is there a way in ATX to designated the income associated with a K-1 (1120S) to a specific state?
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Thank you for all the information. I am awaiting more details from the TP that I will share once I have it.
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TP receives a few K-1 (1065) forms in the name of her trust that has it's own EIN. How would you report this? Does the trust need to file a tax return separately? Would you include the income with the TP personal return?
Furthermore, there are CA state K-1s attached but the TP resides in another state. Is there a CA state tax filing obligation?
Foreign Company EIN
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I think I found it - FECWKST. Thank you very much!