I have a small online business and have a loss on it this year of under 3000 (including previous year carryover). My husbands dad passed away leaving us a trust spread over 10 years for which we received a K1 for. the partnerships the dad was invested in.
Before I knew of this K1 we were receiving a refund but I hadn't filed yet. After I input the K1 it reduced my refund considerable..Of course I checked it out & I noticed that my business was applied against the K! - like the software considered it the same?
Is this supposed to happen? Since it is a 10 year trust this will happen every year until it's closed out? Thank you for the assistance!
