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Tax.appeal.168, Accountant
Category: Finance
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Experience:  Tax Accountant
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Schedule K-1 - Where do I indicate the amount of cash

Customer Question

Schedule K-1 - Where do I indicate the amount of cash distributions each beneficiary received?
Submitted: 1 year ago.
Category: Finance
Expert:  Tax.appeal.168 replied 1 year ago.

In order to better assist you, please let me know what form number is ***** Schedule K-1 related to?

Expert:  Tax.appeal.168 replied 1 year ago.

As you mentioned beneficiaries, I am going to assume that you are referring to the Schedule K-1 associated with the Form 1041.

Line 18 of the Form 1041 is where this information is entered. Information from the Form 1041 will transfer over to the Schedule K-1. Refer to page 25 of the Form 1041 instructions.

Let me know if I can be of further assistance to you regarding this matter.

Customer: replied 1 year ago.
Hello. I did not realize this was still open. I apologize. I am having to redo the return because I did it incorrectly (I have never completed a 1041 before). So I input the total amount on Line 18 which works out being $312,183? Then it will divide this amount evenly over the 3 beneficiaries on the Decedent's Estate?
Customer: replied 1 year ago.
Or do I place this amount on a Schedule B?
Expert:  Tax.appeal.168 replied 1 year ago.

My apologies, I do not see where I have been working with you. Please forward original question.