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Just-Lisa-Now-
Intuit Community Champion
May 11, 2023
Solved

Trust 1041 QBI information

  • May 11, 2023
  • 1 reply
  • 9 views

I have a client with a bypass trust. This bypass trust is the beneficiary of another trust (her husband passed away and she still gets money from this other trust). This other trust that issues her bypass trust a K-1, has rental income on Line 2 and a Code Z on Line 20 for QBI. Im struggling to figure out where this gets QBI info is entered in her bypass trust return...on 1040s theres a button on the K-1 to go the the QBI Sch A and enter the figures, I dont see this in the 1041 program.

Since shes not involved with the business this other trust is doing, does this even apply to her?

This topic has been closed for replies.
Best answer by Just-Lisa-Now-

Good lord, I just needed to scroll down the K-1 worksheet to find the spot, a little notation somewhere would have been nice!

1 reply

sjrcpa
Level 15
May 11, 2023

QBI is QBI whether or not your client participates.

Not using ProSeries I don't know the answer to your input question.

The more I know the more I don’t know.
Just-Lisa-Now-
Just-Lisa-Now-Intuit Community ChampionAuthorAnswer
Intuit Community Champion
May 11, 2023

Good lord, I just needed to scroll down the K-1 worksheet to find the spot, a little notation somewhere would have been nice!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪