I have a K-1 (1041) from the final year of a trust in which has an amount in box 11, code A (Box 11, Code A—Excess Deductions on Termination - Section 67(e) Expenses). The IRS says:
How in the heck are you supposed to input this into TurboTax? I'm using Premiere and I have no way to override the amount on line 22. or enter anything on any dotted line. I saw some unsatisfying discussion on how to handle this in the 2019 version, but nothing yet for 2020.
If you are using an online version of TurboTax, this is a problem.
The expenses can easily be entered in the desktop versions of TurboTax in Forms Mode.
I didn't even know there was still a desktop version. I'm in the online version, is there any way to migrate to the desktop version?
@rrmills7777 No, you would need to start over with the desktop version.
Contact Support using the link below if you need assistance with this process.
Actually I'm a moron, I am using the desktop version. However line 22 of schedule A is not editable, even in forms mode. Am I missing something?
Thank you. That was not intuitive. Also not sure why TT isn't handling that automatically...
As an aside, forms view is telling me my K-1 1041 is "Not Done" but is not telling me what isn't done about it. Any way to figure that out?
@rrmills7777 wrote:As an aside, forms view is telling me my K-1 1041 is "Not Done" but is not telling me what isn't done about it. Any way to figure that out?
Are there any lines highlighted in red on the K-1 in Forms Mode?
You might want to wait for the next update (probably 2/11/2021) since there appears to be an issue with a form connected to the K-1 (1041).