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chrisgarywhip
Level 2
March 18, 2023
Question

LINE 20 P ON A KI

  • March 18, 2023
  • 1 reply
  • 3 views

I have 453 a(c) is line 20 P, this needs to flow through a KI to beneficiaries. Is this taxable to the beneficiaries? Has anyone seen this before? My thought is this flows through to the KI (beneficiary) line 14 but what letter do i use? We are stumped as to where this entry goes on a trust. This was a living trust that is now been changed to a irrevocable trust. 

any advise would be appreciated? 

 

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1 reply

PhoebeRoberts
PhoebeRobertsIntuit Community Champion
Intuit Community Champion
March 18, 2023

Normally when I see that on a 1065 K-1, it's the partner's share of deferred gain, not the tax calculation. You just need to memo each beneficiary's share anywhere on the K-1, and their tax return preparer determines whether they owe the relevant tax.

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