pritchardmeaseley
Returning Member

Get your taxes done using TurboTax

Thanks, I'm still puzzled... I see that TT off-sets the gain with the ST loss and that's reflected in the amount distributed, but the LT loss without being offset is what flows through to the K-1.

 

How do I correct this?  Do I over-ride at the step-by-step interview by netting the gain and loss and inserting that figure at the interview question: Allocation of LT cap gain, Enter gains attributable to income

and, on the following page...

Enter a different amount below if your trust document attributes a different amount of capital gains to income (this is uncommon).  

 

I'm wary of the latter... my trust document allows distribution of principal (cap gains) at the trustee's discretion, but doesn't go into more detail. 

 

Thanks, appreciate your help.