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How do you enter information from a Form 1041 K-1 (Trusts) Box 11B, Excess deductions on termination of the trust?
A deduction won't be assigned to your taxes if you just enter a number. You need to itemize it, but where? TT says to "search the topic and enter the amount in that topic." Meaningless.
Also, someone on here said the IRS has determined that excess deductions are no longer allowed. Wrong. Pub 529 explicitly says "Excess deductions (including administrative expenses) allowed a beneficiary on termination of an estate or trust" are deductable.
Also, someone on here said the IRS has determined that excess deductions are no longer allowed. Wrong. Pub 529 explicitly says "Excess deductions (including administrative expenses) allowed a beneficiary on termination of an estate or trust" are deductable.
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March 23, 2021
10:13 AM