Should I answer yes or no on my K-1 when this is the final K-1 for the trust of my deceased father and box 11 on the K-1 is empty?

[bodyworkbydawn-y]

The property sold was in Ohio and I live in Arizona and I am the daughter of the deceased and direct heir.

[Anonymous_]

The reason Line 11 is blank could be that there are no final year deductions.

Regardless, you should indicate the K-1 is final if the K-1 is marked as such.

[bodyworkbydawn-y]

The K-1 form itself was not marked final.  The attached letter from the accounting firm that handled my father's estate that accompanied the K-1 form said, "This is the last form 1041, Schedule K-1 that you uwill receive from your father's trust".  Turbo tax needs to rewrite the question in question.  The way it is written is contradictory in itself.  

[bodyworkbydawn-y]

Pardon me.  Not being used to this form at all I have now noticed that Item "E" on the K-1 form is X'd as a "final" form for the estate or trust as well at the top of the form. Love how the accounting firm just sends me this crap with no explanation on what to do with it.  🙄

[Anonymous_]

Yes, I understand that it is a pain. You might want to contact the firm to ensure the schedule is correct.

[bodyworkbydawn-y]

I tried to contact them twice and they don't want to give free advise.  I will be paying Turbo Tax a great sum of money to file my taxes.  Turbo Tax should rewrite their questions with more clarity or at least give me what I need at no additional cost.  These are two simple five minute questions and not worth their price for an upgrade!

[bodyworkbydawn-y]

Wanted to add the firms canned answer is we don't do Turbo Tax so we can't help you.  They are accounts for God's sake and could easily answer my five minutes of questions. 

[Anonymous_]

Exactly which questions are you experiencing difficulty or confusion?

Clearly, you will indicate that your K-1 is final.

[bodyworkbydawn-y]

How can you ask me to rewrite my question?  I have re-written it at least twelve times.  

What "portion" of my capital gain do I put in the box?   

I got one "total and final" lump sum in the fall of 2021

[Anonymous_]

I had to look at the other thread you posted since you did not even mention capital gain in this thread (just whether you should indicate the K-1 was final).

You enter the figure shown on Line 4a of your K-1. Is there some other figure you have been given?

[bodyworkbydawn-y]

What about "portions"?

Turbo tax is asking portions and I have no clue what to put there.

Why does this have to be this hard?  My taxes have been ready to file for days and no one can seem to understand how to answer this question.  Why has someone at Turbo Tax offered to help me.  What a rip off!

Turbo tax asked "Enter the "portion" of gain or loss from assets acquired after Dec. 11, 2011.

I got one lump and final sum in October 2021.  My mind tells me that the "portion" would equal 100% which is equal to $30,569.  What do you think is the correct answer?  

[Anonymous_]

I believe you were already informed in another thread to enter the total amount (100%) of the figure that appears in Box 4a.