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anpierson8822
New Member

Can I enter information from a K1 description of a net capital loss?

Where do I enter information on K1, Box 11, Code B Excess Deductions  Non-Miscellaneous Expenses?
3 Replies
tagteam
Level 15

Can I enter information from a K1 description of a net capital loss?

TurboTax does not really do anything with a figure entered from Line 11B.

 

You should contact the trustee (or executor/administrator) for the exact nature of the expense.

 

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anpierson8822
New Member

Can I enter information from a K1 description of a net capital loss?

I need further information.  I have a federal statement that accompanies the K1 form that states the following:

 

Schedule K1 Box 11 Code B - Excess Deductions: Non-Miscellaneous Expenses

Description

 

Adjusted Total Income from Form 1041, Line 17

Add: Net Capital Loss

Allowable Excess Deductions on Termination

Less: Portion Attributable to Section 67(e)  Expenses

Allowable Excess Deductions - Code B

 

Beneficiary's Portion

 

 

Where do I enter this information?  The Turbo Tax program asked for this information, but after following the 'tools'  'capital'   'capital loss' instructions did not lead me to a place to enter this information.  Please advise.

tagteam
Level 15

Can I enter information from a K1 description of a net capital loss?


@anpierson8822 wrote:

I need further information.  I have a federal statement that accompanies the K1 form that states the following:........Schedule K1 Box 11 Code B - Excess Deductions: Non-Miscellaneous Expenses

Description..........Add: Net Capital Loss..........Allowable Excess Deductions on Termination.........Less: Portion Attributable to Section 67(e)  Expenses

Allowable Excess Deductions - Code B


This is why you need to contact the trustee or administrator.

 

Section 67(e) expenses should be reported on Line 11 with an A code (assuming this is a final return for the trust or estate).

 

Capital loss carryovers should be reported on Line 11 with a C code (short-term) or with a D code (long-term).

 

The Line 11 codes for the 2020 K-1 (1041) have changed (slightly) from the 2019 schedule so there has been some confusion.

 

Again, contact the trustee or administrator for clarification. 

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