If the taxpayer holds a residual interest in a REMIC, they need to report their total share of the REMIC's taxable income or loss. They should receive Schedule Q (Form 1066) and instructions from the REMIC for each quarter.
To report the REMIC information, from the Main Menu of the individual tax return in TaxSlayer Pro select:
- Rents, Royalties, Entities
- Income or Loss from REMICS
Schedule Q does not need to be attached the return.