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M
Michael B
Level 3
February 14, 2026
Question

Form 1041

  • February 14, 2026
  • 1 reply
  • 12 views

I preparing a return for a simple trust that is a resident of New York.  It only pays tax on capital gains. 

The capital gains and the related tax are chargable to corpus under NY law.  However, the tax is reducing the distributive share of the beneficiary's interest, dividend and other portfolio income on his Schedule K-1 when I don't believe it should be.

1 reply

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
February 14, 2026

are you sure it not the fees you have listed on the front page, like attorney or accountant fees, reducing the beneficiaries shares?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    M
    Michael BAuthor
    Level 3
    February 14, 2026

    Thank you for getting back to me.

    There are no fees.  I prepare the returns myself.  It is deefinitely the taxes that being netted against other income.

    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    February 14, 2026

    1041, Page 2, Sch B, Line 9 is where you enter the amount to be distributed out to the K-1s, is the tax reducing that amount?

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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