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- LINE 20 P ON A KI
LINE 20 P ON A KI
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chrisgarywhip
Level 2
03-18-2023
04:07 PM
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I have 453 a(c) is line 20 P, this needs to flow through a KI to beneficiaries. Is this taxable to the beneficiaries? Has anyone seen this before? My thought is this flows through to the KI (beneficiary) line 14 but what letter do i use? We are stumped as to where this entry goes on a trust. This was a living trust that is now been changed to a irrevocable trust.
any advise would be appreciated?
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PhoebeRoberts
Level 11
03-18-2023
04:44 PM
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Normally when I see that on a 1065 K-1, it's the partner's share of deferred gain, not the tax calculation. You just need to memo each beneficiary's share anywhere on the K-1, and their tax return preparer determines whether they owe the relevant tax.
