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TT 2018 Premier not properly transferring K-1 Excess Deductions to Schedule A Line 16 as instructed by the IRS. What am I doing wrong?
I purchased your 2018 TurboTax (TT) Premier edition. So far it has been working well except for one remaining item that has me stumped.
My wife’s Mother passed away in Sep 2017 and her estate (Survivor’s Trust) was settled in 2018. I ha...The Trust’s final 1041 tax return was separately filed by her CPA on 6/21/18. The numbers I entered from my wife’s paper K-1 into TT’s “Trust Fiscal Yr” form (Part III) solely included my wife’s share of the Trust for Box 11A (Excess Deductions on Termination) and Box 11C (Long Term Capital Loss Carryover).
Although TT properly transferred the Box 11C amount to Schedule D, the Box 11A amount never made it .... See these instructions at this link: https://www.irs.gov/instructions/i1041sk1
Please advise what I am doing wrong and instructions on how to account for this significant “Other Itemized Deduction” that is not subject to the prior tax year’s (2017) 2% floor.
Thanks in advance
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" how to account for this significant “Other Itemized Deduction” ...."
TurboTax has removed the ability to enter such deductions in the Step-by-Step (interview) mode.
Rather, you will need to force an entry in Forms Mode directly on Schedule A (see screenshot).
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More importantly, if the total of your itemized deductions, which would include the amount you enter on Line 16, do not exceed your standard deduction, then you really don't have to bother entering the amount from Box 11A on your K-1 since it will not have any impact on your return.
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@Geobrick thank you as well for all your comments and feedback on this matter, and for the alert that TaxAct is having similar problems with this... you saved me from heading down that path myself!
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@3peronmi5 Interesting point regarding the "100% accurate return" guarantee... you might have to go the mail route to request a refund
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