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Entering noncash contributions from an S Corp K-1 into a fiduciary return in Lacerte

SOLVEDby IntuitLacerte Tax6Updated April 14, 2022

This article will help you enter noncash contributions, from Box 12, codes D or E, from an S-Corporate Schedule K-1 into a fiduciary return. Form 1041 and Form 1041's Schedule K-1 don't refer to noncash contributions specifically, so there are a few options for entering noncash contributions from a pass-through entity.

Option #1:

An entry in this field reports the amount on the Form 1041, page 2, Schedule A, line 7.  This will print From K-1 and the amount in blue text on the dotted line, and include the amount in the total, should there be charitable contributions entered elsewhere in detail. ​

  1. Go to Screen 25, Passthrough K-1's.
  2. Scroll down to the Other Deductions (13) section.
  3. Enter the amount in Charitable contributions (A, B, G) (input sheet code 65).

Option #2: 

An entry in this screen will create a supplemental statement for the fiduciary Schedule K-1's so the information is included as part of the beneficiary passthrough deductions.  The noncash contributions can then be entered on the beneficiary's personal tax return.

  1. Go to Screen 46, K-1/Grantor Other Info.
  2. In the left menu, under Bene / Gr make a selection:
    • All Bene / Gtr - This allows you to enter supplemental information which will be included on all beneficiary or grantor supplemental pages.
    • Beneficiary/Grantor Name - Select the beneficiary or grantor which will allow you to enter supplemental information which will be included on the selected beneficiary or grantor supplementary pages.

Option #3: 

Entries in this screen can be allocated to the estate or trust's taxable income, tax-exempt income, or both. An amount entered here will be included in the computation of distributable net income (DNI).​​

  1. Go to Screen 32, Other Deductions.
  2. Enter a Description of other deduction.
  3. Select an option to Allocate deductions to (Ctrl+T) from the dropdown list.
  4. Select an option for 2% of AGI (Ctrl+T) from the dropdown list.
  5. Enter the amount of deduction in either Income or Corpus in the subsection Deduction Amount > Accounting Income.
  6. Complete any additional applicable information.

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