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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29558
Experience:  Taxes, Immigration, Labor Relations
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I'm Betty I received a K-1(1041) in box 14 there is a *,

Customer Question

Hi, I'm Betty I received a K-1(1041) in box 14 there is a B*, I believe that goes on 1040 line 48. Then E goes on form 4952 right. Then there I* three times with numbers, do I use these and if so where please. Ty
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
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Customer: replied 1 year ago.
(Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 1 year ago.
sorry about the phoning question ,I was just checking out that part of your page. I'm still waiting for this help online. TY
Expert:  Lev replied 1 year ago.
Hi Betty ,Information reported on K1 box 14 is Other information that might be used on your tax return.Specifically the amount reported with code "B" identified Foreign taxes paid by the estate that are passed to beneficiaries.
Expert:  Lev replied 1 year ago.
Generally - you have a choice - You can choose to take the amount of any qualified foreign taxes paid during the year as a foreign tax credit or as an itemized deduction.So that amount may be either reported on Form 1040, line 48 as a foreign tax credit or Schedule A, line 8 as a deduction.In most situation to claim a foreign tax credit is more beneficial.Generally - a foreign tax credit is calculated on Form 1116, but you can claim the credit for qualified foreign taxes without filing Form 1116 if that amount is reported on K1 and All of your foreign source income is passive income, such as interest and dividends.So form 1040 line 48 will likely be your best choice. .I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.