1041 K-1 Trust - Foreign Tax Paid - Various countries

Reallie222
Reallie222 Member Posts: 2 Newcomer
in Filing my taxes

A bit confused by this: FreeTaxUSA supports K-1 but not the form 1041 for estates and trusts.

I have a 1041 K-1 for a Charitable Gift Trust. Can I file this with FreeTaxUSA? All of the income is foreign with taxes paid. Box 14 B. The issue that concerns me is that at the bottom of my 1041 K-1, there is a breakdown list of all the various countries taxes were paid to along with the gross of all qualified dividends. The only option available on FreeTaxUsA is as follows:

Is your foreign income passed through from a mutual fund or other regulated investment company (RIC)?

All other efile companies give the option of choosing Various for multiple countries. FreeTax only has one option for an individual country. Would I just choose RIC in this case?

I do have a 1099 DIV that has been added as a RIC but I'm not confidents a 1041 K-1 Trust falls into this category.

Very conflicted as to how to proceed here. Please advise.

Comments

  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 581

    Hi Reallie222,

    Yes, you can enter the Schedule K-1 from a Form 1041. See the Estate Income under Income > Uncommon Income. Think of the K-1 as a W-2, but instead of coming from an employer, the K-1 comes from an estate (Form 1041), partnership (Form 1065, or S-Corp (Form 1120-S).

    If the estate uses a regulated company for investment, then Yes, choose RIC for your foreign investment income from the Estate or Trust.

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