Spliting a K1 (1065) between 1040 and 1041

[whdw41a]

I am doing a 1040 and 1041 for a deceased aunt. There was a suggestion that I use the 'I need to adjust dividends' option to split the income.  The K1s I have are 1065 and have a ton of boxes with numbers and explanations. I don't get an option to show something was reported to someone else.  I also have a 1099-B that reports stock sales none of which happened while my aunt was alive.  I have the 2 versions of turbo tax I need.  Any suggestions?  I was thinking on the 1040 of inputting the K1s and then in the additional details box subtracting the amount reported on the 1041 and then on the 1041 doing the same show an adjustment for amounts on the 1040. I would also providing a letter of explanation with the return and would alos print the adjustment details to go with the returns. - Ed

[MichaelL1]

There is no option to show that it was split on the return.

On the 1040 just enter the K-1 as you normally would only enter the amounts that would have been entered for while she was alive.

So the capital gain would be nothing on the 1040 as all would be on the 1041.  Just make sure if nothing is entered for a box, then you do not click on the tax box in TurboTax.

If you file by mail, you could attach an explanation then if you want to.

Then what is not reported on the 1040 goes on the 1041.

The year some one passes away the 1099's will not match the return so this is common.

i would not do subtractions on either return. Just make sure the k-1 is 100% reported between the 1040 & 1041.