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Final k1 estate

Have #11 A excess deductions and C long term capital loss carryover. How do I enter this?
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Final k1 estate

The answer to your question is that you will enter you Schedule K-1 (from Form 1041 estate) via the regular K-1 data entry process in TurboTax.  To get started with this, you can follow the mechanical instructions outlined here:

https://ttlc.intuit.com/questions/1900938-where-do-i-enter-a-k-1-that-i-received


As you go through the Schedule K-1 (for 1041) entry, you will have the opportunity to tell the program that you have a Box 11a "Excess Deduction" as well as a Box 11c "LT Capital Loss Carryover."

After you input the Box 11a dollar amount, through the Schedule K-1 data entry, that figure will then be transferred onto your Form 1040, Schedule A (Itemized Deductions), Line 23.  If you are not already itemizing your deductions, and are instead using the standard deduction, as the majority of taxpayers do, then you may not actually notice any tax benefit from this action.  But that is what happens; and the process is completely automatic, in that you don't need to take any further user action to "input" the K-1, Box 11a number into TurboTax, other than the initial Schedule K-1 data entry interview.

Similarly with the Box 11c dollar amount, that figure will be transferred onto your Form 1040, Schedule D (Capital Gains & Losses), Line 12.  Any capital loss not used to offset capital gains will reduce your taxable, ordinary, income, to a maximum of $3,000 per year.  Any capital loss amount still "left over" after this year will then be available to be utilized against your next year's taxes.  Again, the process is automatic in that you will not need to take any further user action to "input" the K-1, Box 11c number into TurboTax, beyond the K-1 interview.


Thank you for asking this important question.

View solution in original post

1 Reply
Highlighted
New Member

Final k1 estate

The answer to your question is that you will enter you Schedule K-1 (from Form 1041 estate) via the regular K-1 data entry process in TurboTax.  To get started with this, you can follow the mechanical instructions outlined here:

https://ttlc.intuit.com/questions/1900938-where-do-i-enter-a-k-1-that-i-received


As you go through the Schedule K-1 (for 1041) entry, you will have the opportunity to tell the program that you have a Box 11a "Excess Deduction" as well as a Box 11c "LT Capital Loss Carryover."

After you input the Box 11a dollar amount, through the Schedule K-1 data entry, that figure will then be transferred onto your Form 1040, Schedule A (Itemized Deductions), Line 23.  If you are not already itemizing your deductions, and are instead using the standard deduction, as the majority of taxpayers do, then you may not actually notice any tax benefit from this action.  But that is what happens; and the process is completely automatic, in that you don't need to take any further user action to "input" the K-1, Box 11a number into TurboTax, other than the initial Schedule K-1 data entry interview.

Similarly with the Box 11c dollar amount, that figure will be transferred onto your Form 1040, Schedule D (Capital Gains & Losses), Line 12.  Any capital loss not used to offset capital gains will reduce your taxable, ordinary, income, to a maximum of $3,000 per year.  Any capital loss amount still "left over" after this year will then be available to be utilized against your next year's taxes.  Again, the process is automatic in that you will not need to take any further user action to "input" the K-1, Box 11c number into TurboTax, beyond the K-1 interview.


Thank you for asking this important question.

View solution in original post

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