I did complete the Ohio Interview and the adjustment options came up. It pre-populated the Ohio IT BUS form but did not enter any numbers on the form. The Ohio IT K1 form which was given to us by the estate attorney has numbers under Part III of the form for Beneficiary's Share of Ohio income. Line 2a (Pass-Through Entity/trust Income has a negative figure of -1502), and that is totaled up on line 2d as the same -1502.
My Federal K1 (form 1041) generated a Schedule 'D' form on my Federal return for the Estate Settlement. The Federal K1 form had numbers under Column 11, Final Year Deductions for Line 'A' $502 and for line 'D' $7,307. There were no other entries on the Federal form K1 for the estate. The Federal form Schedule D took the $7,307 as a "net long term loss" under line 15, and in the summary section of the form reduced that number to $1500, which was then entered on Federal form 1040 line 7 as a deduction (Married filing separately reduced the $3,000 to 1500). I'm okay with how this worked but nothing was translated by Turbo Tax to my Ohio IT BUS form. My guess is the -1500 would go under the "line 3" entry of the Ohio BUS form where it asks for Capital Gains or Loses from Federal Schedule D? The Ohio IT BUS form then reduces that number (1500) to zero as the deduction was already accounted for on my Federal AGI 1040 form?
Big question here is do I have this entered correctly? I put the $1500 calculated on Federal Form Schedule D on the Line 3 of the Ohio IT BUS form and Turbo Tax is telling me there are no errors. My guess is that the rest of the deduction listed on my Federal Form K1 is carry forwarded to subsequent years? However, why does the Ohio K1 form have the different number of $1502 on it as opposed to the numbers on the Federal K1 form?
In any event, did I do this correctly? I had to go into the forms portion of Turbo Tax to make the line 3 entry on the Ohio BUS form. Turbo Tax is now showing no errors. Help!!!!!!!
