If all income on Form 1041 is distributed to the beneficiaries, can I show the $600 exemption (line 20) as an NOL carryover on Form 1041?

Only income was interest, all being distributed to beneficiaries on K-1's. The negative taxable income -$600 is only due to the exemption deduction. Does that qualify as an NOL carryover?

posted

" Does that qualify as an NOL carryover?"

No, you do not take the exemption into account when figuring an NOL.

See https://www.irs.gov/instructions/i1041#idm140376225587104

Form 1040 Schedule B line 8, I ticked "beneficiary of more than 50% of a foreign trust", why does TT mark me as a guarantor, tranferor, or receiving a distribution?

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

If all income on Form 1041 is distributed to the beneficiaries, can I show the $600 exemption (line 20) as an NOL carryover on Form 1041?

If all income on Form 1041 is distributed to the beneficiaries, can I show the $600 exemption (line 20) as an NOL carryover on Form 1041?

Get more help

Do you have a TurboTax Online account?

If all income on Form 1041 is distributed to the beneficiaries, can I show the $600 exemption (line 20) as an NOL carryover on Form 1041?

Do you have an Intuit account?

If all income on Form 1041 is distributed to the beneficiaries, can I show the $600 exemption (line 20) as an NOL carryover on Form 1041?

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert