I received a K-1 from my mother-in-law's estate. Box 11(B) in the K-1 refers to a statement at the end of the K-1 (numbers at the bottom of this post are fictitious but consistent).
In the Easy Step in Turbo Tax I put in a value of $50 in Box 11 (B) for excess deductions on termination.
I then get a notice that states "Your entry for Box 11B will require some follow-up." It states that I'll need to enter the amount(s) from the statement in the corresponding topic in Turbo Tax. I have no idea what to enter and where. The instructions are very vague. Can someone please provide detailed instructions based on the data I've provided below? Thank you!
-----------------------------------------------------------------------------
Box 11 - Excess Deductions on Termination
Total Income (form 1041, Line 9) : -$200
Plus: Capital Losses: $200
Less: Total Deductions (Form 1041, Line 16) $100
Deductions in Excess of Income: $100
Total Excess Deductions: $100
Beneficiary's Percentage: 50%
Excess Deductions on Termination: $50
All excess deductions are applicable to the net investment income tax
Box 11(B) Excess Deductions on Terminations - Non-miscellaneous Itemized Deductions
Interest Portion of Excess Deductions on Termination: $20
Taxes Portion of Excess Deductions on Termination: $30
Investment Property Taxes Portion of Taxes: $30
-------------------------------------------------------------------------
