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Get your taxes done using TurboTax
My "exempt" trust was created in 2020, the year of death of my surviving parent. It is exempt for purposes of generation skipping taxes. It is also considered a "complex" trust. The assets in my trust were "inherited in trust" because when I pass away, the assets must go to the beneficiaries designated in my parent's original trust. So I technically don't own the assets 100% because I do not have the ability to sell the assets (without approval) nor designate my own beneficiaries. My two sisters and I inherited equal shares of the assets from my parent's trust.
In 2020, I was privy to the 1041's that my sister's CPA prepared because their CPA's would contact me for information about my parent's finances. Our 1041's were filed exactly the same in 2020 and with the same amounts. I was hoping to get an answer here in the TT Community because much of my issues are because I can't get TT to do what I need done. For example, the NOL that was passed to my sister's and me originated in 2016 due to a large loss on the sale of real estate. My first 1041 was filed in 2020 using TT. When I entered the K-1 data from my parents final return, TT automatically assumed that the NOL originated in 2020 and incorrectly applied the 80% limitation rule. There was no way to tell TT that the NOL should be grandfathered in under the old rule.