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New Member
posted Mar 14, 2023 2:36:02 PM

The final return for the trust has a Net Operating Loss. How do I get TT Business to transfer the NOL to the beneficiaries via the K-1 line 11?

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1 Best answer
Level 15
Mar 14, 2023 2:49:29 PM

First, make sure the trust actually has an NOL and not another type of carryover loss, such as a capital loss carryover.

 

See https://www.irs.gov/publications/p536#en_US_2022_publink1000177329

 

Also, make sure you made a distribution and note that you can enter the percentage for each beneficiary on the K-1s in the Beneficiary's Allocation Smart Worksheet.

 

1 Replies
Level 15
Mar 14, 2023 2:49:29 PM

First, make sure the trust actually has an NOL and not another type of carryover loss, such as a capital loss carryover.

 

See https://www.irs.gov/publications/p536#en_US_2022_publink1000177329

 

Also, make sure you made a distribution and note that you can enter the percentage for each beneficiary on the K-1s in the Beneficiary's Allocation Smart Worksheet.