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

[anpierson8822]

Where do I enter information on K1, Box 11, Code B Excess Deductions  Non-Miscellaneous Expenses?

[tagteam]

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.

[anpierson8822]

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]

---

@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. 

[jaelbiz11]

From IRS K-1 1041 instructions for Box 11, Code B—Excess Deductions on Termination:
Non-Miscellaneous Itemized Deductions If this is the final return of the estate or trust, and there are excess deductions on termination that are non-miscellaneous itemized deductions reported to you as a beneficiary, you may deduct the excess deductions shown in box 11, code B, on the applicable line on Schedule A (Form 1040). The fiduciary will provide you with a statement of allowable deductions.