K1 Beneficiary Trust Question

[Nighthawk]

After 30 years of doing taxes, this one has me stumped.

K1 Form for Beneficiary's Share of Income, Deductions,etc.

Has been going on for at least 10 years. No problem for all these years until now.

A new item appeared under Line 14 Other Information

Code H - Corpus $3,100

I need help on what this might be?

Thanks

[fredazcpa]

Corpus = principal or the assets of the trust

[Nighthawk]

Thanks for the reply.

Now I know what it is, but what do I do with it?

Is it income or a deduction?

And where should it flow to the 1040?

[jasdlm]

Do you mean box 20? If so, it's probably just a principal distribution; info needed for partner's basis, but not for 1040.

[Nighthawk]

Information for anyone else that encounters the K1 Box 14 Corpus issue.

Just spoke with the trust administrators in NY.

Answer is that is a new requirement by IRS this year. The corpus amount does not affect the individual tax return. It is just the figure they use to do the calculations for the items on the K1. They have had numerous calls on this.