It's showing in Box 11 D: $24,475. (Long-Term Capital Gains Loss) . When I amended my tax return my adjusted gross income went from $0 to -$3000.
this is correct. the trust had a capital loss carryover when it terminated and that passes through to the beneficiaries. your share being 24475. the limit on capital loss deductions is $3,000 per year. that's why you are seeing this number. however, in fact. since you have no other income none of that $24K is used and can be carried forward indefinitely. There is no way of knowing if this will provide you any tax benefit in the future but to be able to use if if you do you need to report it on your retrun.
The same with your daughter. however, she probably will get some tax benefit in the future since up to $3000 per year can offset other income she may have in the future like wages, dividends, interest and any other taxable income including future capital gains. Turbotax free edition doesn't handle this type of reporting, so there would be fees to upgrade.
You may want to try IRS free file yo too.
