The federal tax return contains Form 8949 and Schedule D but there are five beneficiaries/K-1s and they all have blanks on Line 11 Final year deductions. In fact, each K-1 is blank except for Part I Information About the Estate and Part II Information About the Beneficiary. However, I have no TurboTax errors.
Three beneficiaries were distributed 25% and two beneficiaries were distributed 12.5%. Am I supposed to manually enter a capital loss on each K-1 Line 11 via Forms Mode? If so, what amounts do I enter on each K-1 Line 11? Am I supposed to calculate each beneficiary's capital loss using his/her year-end distribution as a percentage of the capital loss limitation ($3,000) or the total loss (~$37,000) or allocate in some other manner?
