Thanks for responding. Let me clarify.
I am a beneficiary of a terminated estate. The estate has sent me 1041 K-1. The estate had expenses and loss carryover, and as a final return of a terminating estate, those expanses and carryover are shown as deductions on my form 1041 K-1. The IRS states that this form to be used to report to the beneficiary any deductions and credits, not just income. So the form I received shows deductions, on IRS Form 1041 K-1, boxes 1, 2A, and 2B. None of them are income and none of them are negative numbers. It is just that they are deductions that rightfully belong to me and that negatively affect my taxable income. However, when I try to enter in the TurboTax page these amounts in their respective boxes (1, 2A, 2B) the amounts I enter are treated as income, not deductions. So they increase my taxable income instead of reducing it. So somehow I need to show these amounts, reported to me by the estate, as deductions that reduce in my taxable income. So the question is how do I claim these deductions, since TurboTax does not accept deductions (loss of income) in their entry forms..
I hope it makes sense. Thanks.
