How do you enter Final k-1 with excess deductions . Should go on Sch A line 16
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"Should go on Beneficiaries 1040 Schedule A line 16"
At this point in time, the IRS is taking the position that excess deductions on the termination of estates are miscellaneous itemized deductions and not deductible.
See https://www.irs.gov/publications/p529#en_US_2018_publink10004383
"Should go on Beneficiaries 1040 Schedule A line 16"
At this point in time, the IRS is taking the position that excess deductions on the termination of estates are miscellaneous itemized deductions and not deductible.
See https://www.irs.gov/publications/p529#en_US_2018_publink10004383
Thanks for all the answers . See link in 1st Paragraph under Whats new on https://www.irs.gov/pub/irs-pdf/i1041sk1.pdf Not sure why IRS then says they are allowed on later in this Pub? Looks like we are waiting on new regulations to be published? I suspect thats why Turbo Tax wont put these on Line 16 Sch A? Hope they update software ASAP when these regs allow these deductions.
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