fiduciary return

Forum|Forum|4 years ago
September 13, 2021
2 replies
19 views

Where do I enter margin interest paid and partnership distributions from a form 1099-int on a fiduciary return?

Lacerte Tax

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joshuabarksatlcs

Level 9

Margin interest: Screen 30 - info would be for Form 4952

Partnership distribution - From a partnership K-1? If it's not a taxable distribution, it would not affect the 1041. It would affect the asset & equity in the trust accounting. 1041 does not require accounting for the balance sheet items. I don't think it goes on the tax return.

I come here for kudos and IRonMaN's jokes.

sjrcpa

Level 15

Neither of those items would be on a 1099-INT.

I agree with barks at Lacerte and would add::

You have to enter the income/loss from the partnership K-1 into the 1041.

The more I know the more I don’t know.

joshuabarksatlcs

Level 9

I drafted my posting with the image that, perhaps, the margin interest was reported on page 20 of a consolidated Form 1099 which started with Form 1099-INT on Page 2. That was why I questioned only the Partnership distribution.

I come here for kudos and IRonMaN's jokes.

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