As bene on my late mom’s trust, I received a final Sch.K (form 1041) that lacked totals for sections 11A and B (requested by Turbo Tax). Instead, an attached Statement itemized amounts that don’t add up.
I hope the community can help me figure out what to upload into my 2023 disc version (TT Home/Business).
The attached Statement includes:
Box 11 – Excess Deductions on Termination
- Separate income/deduction amounts - I think these are items 1-22 of the 1041.
- The total “excess deduction on termination” less bene percentage (50%), and “All excess deductions are applicable to the net investment income tax.”
Box 11(A) – Excess Deductions on Termination
- Amounts for fiduciary fees and attorney, accountant fees on termination - But No Total.
- The amounts don’t add up to the excess deduction on termination amount in Box 11.
Box 11(B) – Excess Deductions on Terminations – Non-miscellaneous Itemized Deductions
- Amounts for taxes portion of excess deductions on termination, state and local taxes portion of taxes, non-investment property portion of taxes – But No Total
The total of Statement Box A and B does not equal the “excess deduction on termination” in Statement Box 11.
Should I:
- Upload the total in Statement Box 11 into Turbo Tax Box 11(A)?
- Total the 3 tax amounts in Statement Box 11(B) and upload that amount to Turbo Tax Box 11(B).
Thank you for any advice.
