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Schedule K-1 form 1041 box 11 final year Deductions was entered but it is not showing as a deduction on my 1040.
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Schedule K-1 form 1041 box 11 final year Deductions was entered but it is not showing as a deduction on my 1040.
"Schedule K-1 form 1041 box 11 final year Deductions was entered but it is not showing as a deduction on my 1040."
TurboTax is following the instructions for Schedule A and, apparently, Notice 2018-61 (see links below), both of which indicate that excess deductions on termination (Line 11A of your K-1) constitute miscellaneous itemized deductions and, as such, are no longer deductible as a result of the TCJA (Tax Cuts and Jobs Act).
The IRS solicited comments on its position and indicated it would take the comments and recommendations into consideration prior to making a final decision on the matter and issuing regulations. However, to date no regulations have been issued. Since it appears as if you are using a desktop version of TurboTax, you can do an override on Line 16 of Schedule A but you will have to print and mail your return if you do so.
Sch A instructions: https://www.irs.gov/instructions/i1040sca#idm140545382987696
Notice 2018-61: https://www.irs.gov/pub/irs-drop/n-18-61.pdf
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Schedule K-1 form 1041 box 11 final year Deductions was entered but it is not showing as a deduction on my 1040.
"Schedule K-1 form 1041 box 11 final year Deductions was entered but it is not showing as a deduction on my 1040."
TurboTax is following the instructions for Schedule A and, apparently, Notice 2018-61 (see links below), both of which indicate that excess deductions on termination (Line 11A of your K-1) constitute miscellaneous itemized deductions and, as such, are no longer deductible as a result of the TCJA (Tax Cuts and Jobs Act).
The IRS solicited comments on its position and indicated it would take the comments and recommendations into consideration prior to making a final decision on the matter and issuing regulations. However, to date no regulations have been issued. Since it appears as if you are using a desktop version of TurboTax, you can do an override on Line 16 of Schedule A but you will have to print and mail your return if you do so.
Sch A instructions: https://www.irs.gov/instructions/i1040sca#idm140545382987696
Notice 2018-61: https://www.irs.gov/pub/irs-drop/n-18-61.pdf
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